Bitcoin’s price has dropped to a two-week low – just over $ 32,000. Reason? Another bad news from China shook the market. This time, one of the largest state-owned banks reportedly banned its clients from dealing with any digital assets.
Bitcoin price vs. China
According to article On June 21, the Agricultural Bank of China issued a statement banning cryptocurrencies. The bank has forbidden its clients to do any business related to cryptocurrencies.
It is worth adding that we are talking about one of the largest banks in the world.
The institution threatened that any customer’s account would be closed immediately if the bank discovers that they have had any interactions with Bitcoin and other digital assets. The bank is also planning “at the appropriate time” report any suspicious transactions to the relevant authorities.
The bank is also involved in the digital yuan project. It recently launched a dozen ATMs in the Wangfujing area, Beijing’s main shopping street, that can be used to convert e-yuan into paper equivalents. We wrote about it here.
China continues its war against cryptocurrencies
Thus, the most populous country in the world continues its fight against cryptocurrencies.
China officially banned BTC from trading a few years ago. Despite this, citizens circumvented the ban and BTC exchanges and bureaux de change continued to operate on the Chinese market. This time, however, China’s actions are more aggressive. Authorities are hitting the Bitcoin mining market by banning such operations in many of their regions.
The cryptocurrency community speculates that China is pursuing such a policy due to the upcoming digital yuan issue, which will operate quite differently from the decentralized Bitcoin. It will be a centralized digital currency that can be converted into banknotes, so in practice it may not be much different from the current form of the yuan. The key, however, is to use the “new” yuan in international trade, which analysts interpret as an attempt to hit the US and the dollar.
The BTC is currently trading at just over $ 33,000. It’s about 7 percent. less than 24 hours ago and as much as 18 percent. less than 7 days ago.
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