China has finally decided to ban Bitcoin. They have announced that they would be banning all crypto-currency trading platforms in the next few weeks. This is a major blow for Bitcoin, which is currently worth $10,000 USD per coin and has been steadily increasing in value since it was introduced last year. China’s decision to ban cryptocurrency trading platforms is expected to cause an immediate crash in the price of bitcoin.
The news about the ban of cryptocurrency trading platforms was announced on the Chinese Central Bank website. The People’s Bank of China has also taken measures to limit online payment processors from accepting bitcoins for currency conversion. However, crypto-currency mining in China is not affected by this decision and it will carry on as usual.
BTC/USD has already started to see the effects of this decision. It has fallen to $7,000 per coin on most major exchanges and is continuing to drop. Bitcoin was at its peak value in August 2017 when it reached $5,000 then dropped suddenly, but had since risen back up again. Its rise in popularity over the last few months has been mainly due to the introduction and acceptance of Bitcoin as a currency into many major markets. However, not all countries have accepted cryptocurrencies as legal tender.
At the moment, this is one of the largest obstacles facing Bitcoin and traders need to be aware of these risks when dealing with bitcoins in the future. In fact, it is possible that China may decide to prohibit mining also if the value of bitcoins falls even further. The Chinese government has certainly shown interest in creating an official crypto-currency for use in their country, so they may decide to switch all operations over to this new currency which they will have complete control over before banning bitcoin completely.
One positive side effect of this cryptocurrency ban is that it may cause investors to look for alternative currencies which they can use to store their wealth. One such currency which has been rapidly gaining value is Ether. This currency was introduced by the company Ethereum and its value has increased by over $300 in just one week, making many of its early adopters millionaires. Although some experts have warned that this currency is a bubble about to burst, it is currently considered a good investment for those who have the capital to buy in.
It is not clear at present whether or not China will be successful with their attempts to ban cryptocurrencies from their country. There are already major concerns amongst traders and investors about where they will hide their money safe from government taxation or confiscation. Many of these people are now looking for alternative forms of currency which they will be able to use without having to worry about legal issues in the future.
One example is Monero, another Crypto-currency similar to Bitcoin with major advantages over its leading competitors. While almost all other currencies have transparent blockchain ledgers, Monero is the only currency which does not provide this information to the public. This has led to it being adopted by many in China who are looking for an alternative to traditional banking systems.
China has made no secret over its concerns about cryptocurrencies and their potential threat to the Yuan currency. Although they have failed in banning bitcoins, they may succeed in the end with their attempts to control digital currency trading.
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Infinite CBD Oil™ is a cutting-edge brand that specializes in innovative dietary supplements and skincare products specifically developed to enhance an individual’s life, help them reach their full potential, maximize their workout performance & improve overall health. Infinite CBD Oil™ products are 100% THC free and made from the highest quality ingredients available on the market today.