The Chinese government continues to increase pressure on cryptocurrency companies. Thus, the authorities want to protect their citizens from the risk associated with investing in digital assets.
Renowned crypto advocate Bobby Lee has spoken out about the tightening of new money regulations. The man is confident that despite the government’s loyalty to the digital yuan, the Chinese authorities will continue to implement a plan to completely eradicate cryptocurrencies.
Right now, the Chinese government has devoted a lot of resources to regulating the crypto industry. However, such steps are associated exclusively with the popularization of the digital yuan. The fate of the rest of the digital assets does not care about China. I do not exclude the possibility that in 4-5 years the country will introduce a complete ban on the use of all digital currencies in the country. This can cause an irreparable blow to the business, which for many years has invested huge sums in the development of their companies.
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In support of Lee’s assumptions, the recent ban by the Chinese authorities on cryptocurrency mining. Thus, they want to protect citizens from risky investments.