• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

SwaCash | Internet Marketing News

Latest Updates on Tech, Internet & Digital World

  • Home
  • Digital Marketing
  • Social Media
  • Technology
  • About
  • Contact Us
You are here: Home / Uncategorized / China continues crackdown on cryptocurrencies

China continues crackdown on cryptocurrencies

July 9, 2021 by Amer Bekic

The Central Bank of China has called for the closure of a company suspected of engaging in cryptocurrency transactions.

Photo by Art Rachen on Unsplash

It is a new turn of the screw that cryptocurrencies undergo on behalf of the Middle Empire. On July 7, 2021, the Central Bank of China called for the closure of a company that “was suspected of providing software services for virtual currency transactions” . In a statement, the People’s Bank of China (PBOC) warns institutions not to provide other services related to virtual currency, such as providing business premises, business displays or marketing. Indeed, the PBOC wants to ban them from working with companies linked to virtual currencies.

“While not directly affecting crypto, China’s crackdown on tech companies is another example that shows it is playing its regulatory power against a sector lacking oversight, “Antoni Trenchev, co-founder of crypto lender Nexo in London, told Bloomberg. “Bitcoin is also caught in the crossfire of Chinese regulations because it is seen as a threat to the digital yuan”.

This is another attempt by China to curb an activity it disapproves of, accusing it of being in the service of criminal activity. Besides that, they are worried about the risks that cryptocurrencies pose to her financial system, because their prices are easily manipulated, not being backed by real value. However, the various restrictions do not apply to the digital currency of the Chinese Central Bank (MNBC). Like all MNBCs, the digital yuan works on the same principle as a cryptocurrency, but is not considered such.

“The good news is that as the crackdown has accelerated, bitcoin has remained fairly stable, which suggests that the market has digested this information,” Nic Carter, founding partner of Castle Island Ventures, told CNBC. Besides that, the multiple restrictions ultimately benefit minors. Indeed, to remedy the fact that there are fewer mining servers, the code of the cryptocurrency was changed on July 3, 2021. This made its mining faster, which was recalibrated to be easier by 28%. This allows miners to produce more bitcoins, and therefore get richer.

Filed Under: Uncategorized

Primary Sidebar

E-mail Newsletter

More Articles

Three Tweets related to EtherRock sales

Not one not two, Three digital pet rock cliparts sell for $600K each

August 22, 2021 By Amer Bekic

PolyNetwork Hacking Incedence

Hacker who stole $800 Million, now offered a white hat job by its victim firm

August 20, 2021 By Amer Bekic

credit card back panel containing the magnetic stripe

MasterCard announces future without magnetic stripe on the back.

August 17, 2021 By Amer Bekic

Fortune magazine sells its cover art as NFT. Raises 1.3 Million dollars

August 14, 2021 By Amer Bekic

Bored Ape Yacht Club Token 3749

This bored ape pic just sold for 1.29 Million dollars!

August 14, 2021 By Amer Bekic

Footer

Search this site

Recent Articles

  • Not one not two, Three digital pet rock cliparts sell for $600K each
  • Hacker who stole $800 Million, now offered a white hat job by its victim firm
  • MasterCard announces future without magnetic stripe on the back.
  • Fortune magazine sells its cover art as NFT. Raises 1.3 Million dollars
  • This bored ape pic just sold for 1.29 Million dollars!

Browse Topics

  • Blogging (164)
  • Content Marketing (7)
  • Cryptocurrency (5)
  • Digital Marketin (4)
  • Digital Marketing (333)
  • E-commerce (122)
  • Google (195)
  • Google Ads (24)
  • Marketing (166)
  • News (344)
  • Seo (74)
  • Social Media (43)
  • Technology (27)
  • Uncategorized (82)
  • WordPress (22)

Tags

Amazon Android Apple Apple Watch Artificial Intelligence B2B Bitcoin Blogging China Content Content Marketing Coronavirus Cryptocurrency Cybercriminals cybersecurity Digital Digital Marketing Facebook Gaming Google Increase Sales Instagram Intel internet strategy iOS 15 iPhone iPhone 12 IPhone 13 Make Money Marketing Microsoft Nvidia Online Marketing Samsung Science Search engine optimization Seo SEO optimization by content Social Media Social networks Technology TikTok Twitter Windows 11 YouTube

© 2019–2025 · SwaCash.com