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China has banned bitcoin and other crypto.

HomebrewingNeko

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GPUs in China are happy with the new notice stating that Cryptocurrency is banned there. Yesterday, September 24, the People's Bank of China put out a notice stating that they and 10 other agencies are clamping down on cryptocurrency. They stated that virtual currencies "do not have the same legal status as legal tender and cannot be used as legal tender".
Our country's regulatory policy on virtual currencies is clear and consistent. The "Notice" once again emphasizes the issuance, use of encryption technology, distributed accounts or similar technologies by non-monetary authorities, Virtual currencies that exist in digital form and other characteristics, such as Bitcoin, Ethereum, etc., including so-called stable currencies such as TEDA, do not have the same legal status as legal tender and cannot be used as legal tender. For the currency to circulate in the market. The "Notice" clearly states that virtual currency exchange, buying and selling virtual currencies as a central counterparty, providing operational services for virtual currency transactions, and token issuance and financing All virtual currency-related businesses such as capital and virtual currency derivatives trading are illegal financial activities, which are strictly prohibited and resolutely banned in accordance with the law.
Bitcoin prices fell 5% at the announcement, and Etherium fell 9%.

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The Catboy

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I really hope this actually helps properly decentralize bitcoin mining. Mining was never supposed to be isolated just one major reason and that was causing a lot of problems for crypto. I hope this ends up being more a victory for decentralization than a harm to crypto overall
 
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