Confusion reigns after China slams door on crypto
Al Jazeera
China effectively banned all trading in cryptocurrencies last week, leaving investors scrambling for legitimate options to cash in their holdings.
Shenzhen, China – Moves by Chinese authorities to close regulatory loopholes around cryptocurrency trading and mining late last week essentially banned all such activities in China overnight. And many crypto holders are still scrambling to deal with the fallout.
For many companies that made big bets on crypto over the past several years – particularly companies in the tech industry – options may be limited for cashing in their holdings.
The directive from the People’s Bank of China declared all virtual currency-related business activities illegal, cutting the country off from overseas crypto exchanges. That could potentially lead to punishment for investors who deal with exchanges abroad.
