Chinese state-run media outlet Economic Daily published an article on Sunday warning about the risks associated with Bitcoin in the cryptocurrency market. recent rallyAs China continues to ban cryptocurrency trading activities.
The state-run newspaper Economic Daily wrote Investors should be “cautious” about Bitcoin-related products and that Bitcoin has not yet entered the mainstream.
The article pointed out that while the United States has allowed the listing of physical Bitcoin exchange-traded funds (ETFs), China continues to ban cryptocurrency trading. The article quoted Beijing-based lawyer Xiaosha as saying that a blanket ban would mean that overseas Bitcoin ETF dealers would not be able to sell related financial products to Chinese residents, and mainland Chinese investors would not be able to purchase those products directly. said.
In September 2021, the People’s Bank of China, the Supreme People’s Court, and several other central authorities issued a notice banning all cryptocurrency trading activities on the mainland. The ban clarifies that services provided by overseas cryptocurrency exchanges to Chinese citizens living on the mainland are considered illegal financial activities. However, many investors still found ways to circumvent the rules and trade overseas.
price of bitcoin It rallied past the $60,000 mark. It briefly surpassed $64,000 in Asia on Monday morning last week. The world’s largest cryptocurrency by market capitalization rose 2.44% over the past 24 hours to trade at around $63,600 as of 12:30 pm Hong Kong time on Monday. The Block’s pricing page.
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