The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Bitcoin

Here’s Five Critical Things You Should Know

by Miki 09/24/2021
by Miki 09/24/2021 0 comment

People’s Bank of China (PBOC) issued fresh guidelines to eliminate all forms of crypto use in mainland China. The Chinese Central Bank deemed all crypto-related transactions illegal and ordered authorities to take strict action against existing crypto mining farms in the country. It also prohibited any foreign crypto exchanges from offering services in the country.

China Central Bank Says Overseas Cryptocurrency Exchanges Must Not Provide Services To Mainland Investors

China Central Bank Says Cryptocurrency-related Activities Are Illegal

— *Walter Bloomberg (@DeItaone) September 24, 2021

advertisement

The fresh nationwide crypto ban has led to a sharp decline in cryptocurrency prices including Bitcoin ($BTC), Ethereum ($ETH), and several others.  While the crypto enthusiasts were not really shocked by the move given China has banned Bitcoin and other crypto assets on a number of occasions in the past. However, market insiders believe the latest set of guidelines are different from previous similar crackdowns as it came from the national bank itself.

Let’s look at five critical points in the newly released crypto crackdown guidelines that are different than any other previous crackdowns,

1. Classify Crypto Mining as Eliminated Industries:

The current set of crypto crackdown guidelines deems crypto mining as an eliminated industry, which would lead to surplus electricity charges for crypto mining operations. China had put crypto mining under the “elimination category” back in 2019 as well but was removed soon after.

2. First Clear Mention of Bitcoin, Ethereum, and Tether

The latest regulatory guidelines notably mention Bitcoin, Ethereum, and USDT for the first time. Earlier, crypto-assets were collectively referred to as virtual assets.  the Deputy Governor of the People’s Bank of China Fan Yifei took special exception to the stablecoin use claiming it could lead to failure of the existing monetary system.

3. First Centralized Crypto Ban Order

Prior to the latest crypto crackdown guidelines from the central bank, most of the early crackdown activities were carried out by state and provincial authorities. Despite a centralized oversight, no other previous regulatory action was directly issued by the central ban beyond cautionary warnings. This time around the Supreme Court, the Supreme Procuratorate, the Ministry of Public Security, and the Administration of Foreign Exchange have come together to ensure a complete ban on crypto-related activities.

4. Domestic Companies to be Held Responsible For Aiding Foreign Entities

The current set of guidelines also put great risks for the local business and technology solution providers who would be held accountable if found dealing with companies associated with crypto trading. The official document read,

“the provision of services by overseas virtual currency exchanges to domestic residents of my country via the Internet is also illegal financial activity. For the domestic staff of relevant overseas virtual currency exchanges, as well as those who know or should know that they are engaged in virtual currency-related business, they are still illegal financial activities. Legal persons, unincorporated organizations and natural persons that provide services such as marketing promotion, payment, and settlement, and technical support shall be held accountable in accordance with the law.”

5. Government Won’t Protect People Incurring Losses Due to Crypto

The guidelines made it clear that there are no “ifs & Buts” around the legality of cryptocurrencies. Any person involved in crypto trading activities violating a public order won’t qualify for any civil legal actions. It means the government won’t come to the rescue of the citizen.

The real nature of the latest crypto crackdown can be determined by how crypto exchange giants such as Huobi, OKEx, and Binance react to the latest regulatory guidelines since the majority of Chinese traders make use of these exchanges.



Source link

Views: 1
CriticalHeres
Share
0
FacebookTwitterPinterestEmail
previous post
The best call in the Chainlink market right now is…
next post
Cross-chain Stablecoin Protocol BabelFish Launches on RSK

Related Posts

Elon Musk thinks this individual could be the...

12/29/2021

Bitcoin price trades under $48k as $6 billion...

12/29/2021

Indian security regulator warns mutual funds against investing...

12/29/2021

Bitcoin Will Remain ‘Digital Gold’, But Not A...

12/29/2021

Key Factors that Propelled Ether’s 4X Growth over...

12/28/2021

Gold Proponent Peter Schiff Claims Bitcoin is Losing...

12/28/2021

Trend Is Again Shifting From Outflows To Inflows

12/28/2021

Why Bitcoin Will Never Surpass The Market Cap...

12/28/2021

Crypto hacks led to $9.8 billion in losses...

12/28/2021

Is Bitcoin (BTV) Going To Hit $100k? Ambitious...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Bitcoin (BTC) Breaks Past Crucial Resistance of $48,400, Can Trigger Bull Run Above These Levels

  • Stellar Lumens, Cosmos, THETA Worth Evaluation: 05 June

  • Crypto market Rallies Past $1.75 Trillion, Bitcoin (BTC) and Top Ten Altcoins Gain 7-10%

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,552.001.63%
  • ethereumEthereum(ETH)$1,986.022.08%
  • tetherTether(USDT)$1.000.00%
  • usd-coinUSD Coin(USDC)$1.000.02%
  • binancecoinBNB(BNB)$313.024.74%
  • rippleXRP(XRP)$0.4171182.25%
  • Binance USDBinance USD(BUSD)$1.00-0.08%
  • cardanoCardano(ADA)$0.535.19%
  • SolanaSolana(SOL)$50.392.43%
  • dogecoinDogecoin(DOGE)$0.0852651.78%
  • polkadotPolkadot(DOT)$9.953.32%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,541.001.75%
  • Lido Staked EtherLido Staked Ether(STETH)$1,934.460.97%
  • AvalancheAvalanche(AVAX)$29.914.51%
  • tronTRON(TRX)$0.0743073.42%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.0000122.22%
  • daiDai(DAI)$1.000.10%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$70.313.37%
  • CronosCronos(CRO)$0.1904282.10%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.90-1.47%
  • matic-networkPolygon(MATIC)$0.653.89%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.014.63%
  • FTX TokenFTX Token(FTT)$30.151.84%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$193.792.18%
  • RareRare(RARE)$0.0461220.00%
  • chainlinkChainlink(LINK)$7.083.56%