Beijing. Taking a big step, China has banned all cryptocurrency including bitcoin. Keeping cryptocurrency in China, transactions with cryptocurrency and trading it have been declared illegal. The Chinese government has also freezed all crypto wallets. This has created a big crisis for cryptocurrency. By the end of 2023 in China, 78 million people were aware of cryptocurrency. Due to the ban from China, all cryptocurrency prices have fallen by 10 per cent in the last 2 days.
People’s Bank of China has issued an order saying that it is a punishable offense to keep cryptocurrency in China. The People’s Bank of China has said to ban criptocharcy to stop crime and deal with economic instability. China says cryptocurrency may threaten its economy. China had already banned the local and international crypto exchange. The report of Grand View Research reported that China is second in the world in terms of number of bitcoins. In such a situation, due to the complete ban on all cryptocurrency including bitcoins from China, their prices can be seen further.
The special thing is that when Shaktikanta Das was the Governor of the Reserve Bank of India i.e. RBI, he called Cryptocurrency a big threat to the country’s economy. Shaktikanta Das continuously advocated the ban on cryptocurrency. Although the Modi government did not ban cryptocurrency, but it definitely imposed heavy tax on its trading. PM Narendra Modi also expressed concern in the case of cryptocurrency 2 years ago. Now after the Cryptocurrency ban from China, everyone is watching India.
