Chinese Crypto Holders Undeterred, are Buying More

#crypto #Chinese #PBoC #bitcoin


“If the PBoC is smart it will not issue a policy it cannot implement” — Paul Ebeling

Bitcoin was trading around $42,600 as of Noon Tuesday in Hong Kong, near the level when the People’s Bank of China (PBoC) Friday announced its latest step in reining in crypto.

China’s central bank banned all crypto transactions, vowed to root out mining of digital assets and closed a loophole that enabled citizens to maintain accounts with offshore exchanges.

The step prompted some exchange operators to stop letting traders use mainland China mobile numbers to register new accounts. New sign-ups are still available for Hong Kong users on all platforms.

Industry veterans said Beijing’s latest warning could deter new entrants into the crypto market, but for those who have weathered several crackdowns in the past, it represented another opportunity to buy at lower prices.

The China crackdown is not as bad as many people thought, so the dark cloud is removed, as it is nothing new.

While Chinese regulators have already banned trading and mining of Bitcoin and other virtual currencies, they are unlikely to implement an outright ban on the holding of digital assets because it would be too difficult to enforce.

So, if the PBoC is smart it will not issue a policy it cannot implement.

Have a prosperous day, Keep the Faith!