CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
BitcoinSistemi 2025-01-03 13:43:07

China Takes Action Again for Bitcoin (BTC) and Cryptocurrencies!

China, which was talked about in 2021 for its harsh bans on Bitcoin (BTC) and cryptocurrencies, has announced new restrictions. China has introduced stricter regulations to limit cryptocurrency-related activities, local news agency South China Morning Post reported. Accordingly, the State Administration of Foreign Exchange of China (SAFE), which is responsible for foreign exchange movements, sent a series of warnings to banks, including cryptocurrencies. According to these warnings, banks are required to monitor and report “risky forex trading behaviors.” In this context, banks in China are required to identify high-risk transactions by examining the identities of individuals and institutions, sources of funds and transaction frequency. Experts say the new rules are also expected to reduce underground banking transactions and illegal cross-border payments involving cryptocurrencies. “The new rules will provide another legal basis to curb cryptocurrency trading,” said Liu Zhengyao, a lawyer at law firm ZhiHeng. Zhengyao said that these new rules mirror China's ban on cryptocurrencies, saying the government sees cryptocurrencies as a potential threat to financial stability. *This is not investment advice. Continue Reading: China Takes Action Again for Bitcoin (BTC) and Cryptocurrencies!

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.