China Restates BTC Mining and Trading Crackdown

by in Cryptocurrency News

China bitcoin mining crackdown

On Friday China reiterated its approach towards BTC mining and trading operations restriction. The crypto market crash continues.

Related: China Bans Finance Institutions to Provide Crypto Services

BTC price has lost over 22% during the previous 7 days. Currently, it trades at around $37.000 with a market cap of $697 billion.

China's Vice Premier Liu He and the State Council said that it is necessary to restrict BTC mining and trading tendency and restrict the impact of personal risks.
Trading crypto has been banned by the Chinese government since 2019 to prevent money laundering. However, people are still able to trade cryptocurrencies such as Bitcoin online.

Now the country banned financial institutions and payment services to provide crypto-related services.

The US also strengthened regulations. According to the recent decision, transactions worth $10.000 and higher must be reported to IRS.

Currently, the entire market cap stands at around $1.56T, a 12.57% decrease over the last day.