Cryptocurrency mining is illegal and banned in China

Cryptocurrency mining is illegal and banned in China

The Chinese government determinedly ban the virtual digital currencies related financial activities and misbehavior in order to safeguard maintain economic, people properties, social order and financial. This financial move of the government started to cause the panic among people of cryptocurrency investors and traders in sending the value of the bitcoin and other digital currencies to get down. The value of bitcoin currency was down to 5.5% at the time of the cryptocurrency mining also there was huge number of illegal transactions were made in the people’s bank of China in order to avoid this illegal transaction of money the China government has made the declaration to ban the digital currencies.

China crypto ban has received huge popularity in the countries like USA where they too deciding to ban the usage of the cryptocurrency as it has affects huge number of online traders and investors hard earned money. Also, many numbers of people have lost their money in buying the fake cryptocurrency from the fake agents this has made the value of the cryptocurrency to go down. Moreover, the value of the cryptocurrency is not steady and fixed as it is not governed and controlled by the central authority.

This why the bitcoin cryptocurrency is banned in China

Every time China announces to crackdown of the cryptocurrency after that in few months of time the government re-declare the use of the cryptocurrency into the country. China has completed banned the boom of the cryptocurrency in the country as it has created huge number of issues and fake transactions of large amount of money. China crypto ban declaration is found to be the safe and secure decision which is welcomed by huge millions of people also the online traders and investors are very urge in retrieving their digital assets from the cryptocurrency markets in the motive to safeguard their valuable money.