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working on a state bitcoin

All the digital currency transactions are to be considered illegal for the central bank of China. The move follows the decision, made in the spring of this year, to ban all financial institutions in the nation from providing cryptocurrency-related services to their customers. The move in May had not had the desired effect: in fact, despite lacking the contribution of the banks of the former Celestial Empire, the so-called miners, experts in cryptocurrencies, had been able to fall back on foreign platforms.

The latest decision by the central state, however, takes the ground away from bitcoin hunters. Will it be the definitive lunge?

Here is what exactly was decided by the authoritarian government of Xi Jinping and why everyone is talking about a revolution

“The virtual currencies they are not legal tender “. It is difficult to misunderstand the words of the Chinese central bank. The straight leg entry into the digital currency market moves a sector that grew in the first half of 2021 by 150 million dollars, a pace second only to the growth of the same market in the United States. For those who carry out transactions in cryptocurrencies, there is even a criminal liability.

So China intends to “stop speculation, criminal activities, illegal fundraising, money laundering ”. Notoriously very volatile, cryptocurrency prices reacted to the initiative of the People’s Republic leaving 8% on the ground, thus settling at 40 thousand dollars. As usual, trading then resumed and the stock partially recovered.

When the digital renminbi arrives, Beijing’s central bank is working on an official bitcoin

Although it has become the protagonist of an attempt, it will be seen how effective, to destroy the national cryptocurrency market, the Central Bank of Beijing is nevertheless the most advanced in the development of a official digital currency. The ECB has also moved in the same direction – here who when the electronic version of the community currency arrives and what problems there are.

Crypto renminbi could arrive within the Winter Olympics, scheduled for 2022. The suspicion arises, therefore, that the Chinese move represented nothing more than an attempt to clear the field of eventual competition.

Cryptocurrencies have also arrived in stores: there where you can pay with BitCoins and Ethereum.

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