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China is increasing efforts to combat mining and cryptocurrency trafficking

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The Financial Stability Committee and the Development of China announced the willingness to take hard measures aimed at combating mining and cryptovalum trade, as part of efforts to reflect financial risks. It was also announced to prevent illegal activities in the securities market, in parallel supporting the stability of stock markets and bonds.

Image: Reuters

It is noteworthy that this statement was made just a few days after the Chinese authorities banned banks and other financial institutions to provide services related to cryptocurrency. Against the background of these statements, Bitcoin’s course decreased by 11% to $ 36,600 per unit. Together with the most popular cryptocurrency lost in price and other digital assets, such as Ethereum and Dogecoin. At the time of writing this material, Bitcoin traded at $ 36,625 per unit.

The protection of investors and the fight against money laundering are the subject of concern of governments and regulators of different countries of the world who are trying to determine how the cryptocurrency market should be regulated. “Although some degree of regulation is necessary, this excessively restrictive policy will lead to the restriction of the possibilities and flight of the industry from Asia,” the representative of the Chinese government commented on the investment company KENETIC CAPITAL.

The Chinese State CCTV company on its website warned about the “systemic risks” of Kryptovaya trading. “Bitcoin is no longer an investment instrument that avoids risks. Rather, this is a speculative tool, “the CCTV says. It also stated on the weak regulation of the cryptocurrency market, due to which digital assets are often used to evade tax evasion and conducting criminal activities.

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