Bitcoin
Bitcoin (BTC)
$64,357.00 1.62054
Bitcoin price
Ethereum
Ethereum (ETH)
$3,086.73 0.8073
Ethereum price
BNB
BNB (BNB)
$561.30 2.26046
BNB price
Solana
Solana (SOL)
$145.57 4.04056
Solana price
XRP
XRP (XRP)
$0.5062670 0.8527
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000229 1.09059
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000052 1.86943
Pepe price
Bonk
Bonk (BONK)
$0.0000151 2.54342
Bonk price
Bitcoin
Bitcoin (BTC)
$64,357.00 1.62054
Bitcoin price
Ethereum
Ethereum (ETH)
$3,086.73 0.8073
Ethereum price
BNB
BNB (BNB)
$561.30 2.26046
BNB price
Solana
Solana (SOL)
$145.57 4.04056
Solana price
XRP
XRP (XRP)
$0.5062670 0.8527
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000229 1.09059
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000052 1.86943
Pepe price
Bonk
Bonk (BONK)
$0.0000151 2.54342
Bonk price
Bitcoin
Bitcoin (BTC)
$64,357.00 1.62054
Bitcoin price
Ethereum
Ethereum (ETH)
$3,086.73 0.8073
Ethereum price
BNB
BNB (BNB)
$561.30 2.26046
BNB price
Solana
Solana (SOL)
$145.57 4.04056
Solana price
XRP
XRP (XRP)
$0.5062670 0.8527
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000229 1.09059
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000052 1.86943
Pepe price
Bonk
Bonk (BONK)
$0.0000151 2.54342
Bonk price
Bitcoin
Bitcoin (BTC)
$64,357.00 1.62054
Bitcoin price
Ethereum
Ethereum (ETH)
$3,086.73 0.8073
Ethereum price
BNB
BNB (BNB)
$561.30 2.26046
BNB price
Solana
Solana (SOL)
$145.57 4.04056
Solana price
XRP
XRP (XRP)
$0.5062670 0.8527
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000229 1.09059
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000052 1.86943
Pepe price
Bonk
Bonk (BONK)
$0.0000151 2.54342
Bonk price
SirWin
SirWin
SirWin

China cautions investors against Bitcoin (BTC) despite long-standing ban

china-cautions-investors-against-bitcoin-btc-despite-long-standing-ban
Edited by
News
China cautions investors against Bitcoin (BTC) despite long-standing ban

China’s state-run newspaper has issued a crucial advisory to investors, urging vigilance amidst Bitcoin’s (BTC) recent surge to a two-year peak of over $65,000.

The caution comes in the backdrop of persistent regulatory concerns and a dynamic global crypto landscape.

China’s clampdown on cryptocurrencies has been long-standing. In September 2021, the government labelled various crypto-related activities as illegal. While this move aimed to curb specific actions, ownership of digital assets like Bitcoin (BTC) or Ethereum (ETH) was not outright prohibited. However, lingering concerns over capital flight and financial instability persist, prompting ongoing warnings from state media.

The recent advisory coincides with a substantial increase in Bitcoin’s value this year, accompanied by heightened trading volumes for US-listed Bitcoin exchange-traded funds (ETFs) and others.

The cautionary note underscores macroeconomic uncertainty, unforeseen industry events, and unclear regulatory policies as factors necessitating investor caution.

The 2023 Annual Conference of the Chinese Association for the Study of Integrity and Law brought to light a rise in corruption and criminal activities linked to cryptocurrencies. Legal experts delved into the challenges of monitoring sophisticated corruption facilitated by digital currencies. The association highlighted the digital space as a means for evading traditional surveillance, prompting heightened concerns.

In a move to intensify its crypto crackdown, China is focusing on addressing illegal foreign exchange trading involving USDT. Despite official bans on crypto trading and mining, the industry remains popular. The Supreme People’s Procuratorate and State Administration of Foreign Exchange underscore criminal cases involving USDT, emphasizing the need for coordinated efforts to combat fraudulent foreign exchange activities.

China’s Supreme People’s Procuratorate vows punishment for criminals exploiting blockchain technology and metaverse projects for illicit activities. The rise in cybercrime on blockchains and in the metaverse compels a call for citizens and digital asset market participants to adapt to new crime-fighting tactics.

To regulate transactions involving crypto, China intends to revise its existing anti-money laundering rules. The guidelines are aimed at helping implement more effective mechanisms of monitoring and supervising the industry of crypto. This is the first major review since 17 years ago as there has been a need for oversight and regulation in this dynamic Web3 environment.

Divergent experiences in other jurisdictions

While China grapples with regulatory challenges, the U.S. is witnessing a landmark development with the recent approval of a spot Bitcoin Exchange-Traded Fund (ETF), which has led to a dramatic increase in interest and participation in cryptocurrency markets.

By approving a spot Bitcoin ETF, especially for retail investors, the Securities and Exchange Commission (SEC) offers them an indirect way into the Bitcoin market within its regulatory framework. This move has expanded investment opportunities; hence the ETF trading volume has increased significantly. 

The increased liquidity has, in turn, contributed to a substantial rise in the price of Bitcoin (BTC), marking a noteworthy shift in the dynamics of the cryptocurrency market.

In contrast to mainland China’s long-standing and stringent approach to crypto regulation, Hong Kong, which is located at China’s southern coast, is actively reinforcing its commitment to establishing robust and amenable crypto regulations. 

Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, emphasized a “same activity, same risk, same regulation” principle, introducing a licensing regime for virtual asset service providers (VASPs). 

Notably, VASPs active before the new licensing system were granted a transitional period for adaptation. Hong Kong aims to enhance investor protection and combat financial crimes in the crypto space. 

Meanwhile, Hong Kong has faced its fair share of challenges with crypto adoption as there has been a significant increase in virtual asset-related crimes over the past three years, as there have been 3,415 cases of crypto-related crimes totalling billions in Hong Kong dollars according to a local media report.

Elsewhere, in a resounding mandate, El Salvador has re-elected Nayib Bukele, the president renowned for his pro-Bitcoin stance and robust crime-fighting initiatives.

Bukele’s victory claim, boasting over 85% of the vote and securing at least 58 out of 60 assembly seats, underscores significant legislative support. El Salvador’s distinctive approach to Bitcoin adoption involves a citizenship program that offers expedited naturalization in exchange for Bitcoin donations – a move that substantially bolsters the nation’s treasury.

The country presently holds 2,381 Bitcoins, acquired at an average cost of $44,292, with current valuations indicating a substantial increase in investment value.

This strategic accumulation aligns with El Salvador’s commitment to the cryptocurrency, validated by the Nayib Bukele Portfolio Tracker, an online tool providing real-time insights into the country’s Bitcoin holdings and their cost basis, offering unprecedented transparency into El Salvador’s pioneering fiscal strategy.

Follow Us on Google News