MarketCrypto Market

Digital Trading in the country

Digital Trading among so many countries who have tried their level best to prohibit and criminalise the use of cryptocurrencies , China is one of them. In one of the articles of the Peoples Bank of China that is PBC, It is disclosed that the states effect measures on the assets which are digitally trading in the country.

Since chinas market is very huge and significant ,

any such measures like these influences the whole globe significantly. As per the PBC report the share of the country in the world wide Bitcoin transactions has dropped from a significant number of 90% to as low as 10%.

What is there in the PBC report?

Among the list of states which have negative stances, In terms of Bitcoin and cryptocurrencies,. The government of China stands at the top, when the Chinese government realised that these digital currencies are experiencing so much fame in the nation,. They came up with so many steps to declare a ban on the same. The Chinese government believes that the cryptocurrencies impose a strong risk factor to the financial position of the nation and that is why they are in the opinion of prohibiting them.

 Considering this aspect, a detailed report was published by the financial stability office of the People’s Bank of China Digital Trading. This report talked about the stocks of the steps and their outcomes.

One of the sections mentions the following statements:

“The trend of speculation in domestic virtual currency trading has been effectively curbed, and the overall share of Bitcoin Digital Trading in China has fallen rapidly from over 90% to 10%.”

On the contrary,, the report in which the PBC marks the steadiness in terms of the financial solidity of the nation and thanks to the solutions laid down to cease what is being called “corrupt financial elements”which directly point to the digital currencies that is the crypto currencies.

It is not new that China is fighting for the abolishment of crypto currency Digital Trading, Since the time when cryptocurrency gained fame in 2013 the country is taking so many measures against it.

2013 mark the nations first step towards it’s a position

for Bitcoin which made the banks to curb the transactions in association with the crypto currencies. In 2017, China came up with an even bigger step by creating a ban on the exchanges of crypto currencies Digital Trading. This led to the forever closure of their operations.

Even after that, China did not stop in making any steps to ban the cryptocurrencies. The measures have only got stronger and tighter.

2021 marked the establishment of innumerable measures with the target of eradicating mining, as this heart became very popular in its territory because of energy costs being low.

Finally in the month of September in 2021, a complete ban was imposed by China on all the transactions associated with cryptocurrencies Digital Trading.

Despite the fact that China is trying its level best to put a complete ban on crypto currency in their nation, the decentralised nature of cryptocurrency makes its total eradication practically impossible.

Also Read: Biggest Ether Cryptocurrency Theft Brought to a Conclusion

Related Articles

Back to top button