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China bans cryptocurrency trade, draws down bitcoin value

 China bans cryptocurrency trade, draws down bitcoin value


China bans cryptocurrency trade, draws down bitcoin value

China sends another warning on cryptocurrency risks amid, The value of the world's most famous cryptocurrency, the bitcoin, has reached a three-month low. The value of the bitcoin, which reached ہزار 60,000 a month ago, has now dropped below ہزار 40,000.

The recent decline in the value of the bitcoin came after China stopped all its financial institutions from providing services for buying and selling cryptocurrencies.

China has warned investors to avoid betting on cryptocurrencies. Last week, the value of the bitcoin fell by 10 percent when Elon Musk, owner of the US car company Tesla, announced that The company will no longer accept corrupt currency for buying and selling cars.

China bans financial, payment institutions from cryptocurrency,Bitcoin fell 13 percent on Monday, while other cryptocurrencies, including Ethereum and Digiccoin, fell 18 percent.

China banned cryptocurrency transactions in 2019 to curb money laundering. Despite the ban, people in China somehow managed to trade in corrupt currency, which caused trouble for China.

On Tuesday, three Chinese financial institutions, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, issued a warning on social media.

China bans financial, payment institutions from cryptocurrency,The Chinese financial institutions, backed by the Chinese state, have warned people that they will not be protected if they incur any losses while trading cryptocurrencies.

These institutions warned the people that the recent change in the value of the corrupt currency is a violation of the security of people's assets and is affecting the general economic and financial peace.

China Cracks Down On Crypto Business, Saying ' Speculative,Neil Wilson of Markets.com says China has been putting pressure on cryptocurrencies for some time, but its recent move will put a lot of pressure on cryptocurrency trading.

Neil Wilson said: "Until now, regulators in Western countries have been very lenient with regard to cryptocurrency trading, but now their attitude may change."

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