Crypto development on the globe has been transcending over the years, as history has it, Crypto existence dates back to the 80's, when the American cryptographer David Chaum conceived an anonymous cryptographic electronic money called ecash. Over the years, it has evolved and received wider acceptance with countries like El Salvador accepting Bitcoin as a legal tender, and Cuba Resolution 215 to accept Bitcoin as legal tender, which will circumvent U.S. sanctions.
On 24th, September 2021, the government of China, the hub of crypto mining, declared all cryptocurrency activities illegal, completing a crackdown on cryptocurrency that had previously been banned.
IMPACT OF THE BAN ON GLOBAL CRYPTO MARKET
With over 18 times ban of crypto currency activities in china, One cannot but say if the present ban would be upheld, but with the release of China’s central bank and its National Development and Reform Commission two documents declaring crypto service provision illegal, the closure and relocation of the most mining company including the fifth largest mining pool BTC.com, we can not but see the seriousness in to part of the authority.
The possible outcome of the ban could range from;
Reduction of Chinese investors in the crypto ecosphere.
Reduction of crypto companies support in the Chinese economy.
Relocation of mining company from the Chinese soil to other neighbouring countries including Kazakhstan Canada and the US.
With all these highlighted effect on the Chinese economy, crypto enthusiast and lovers still believes, that Crypto DAO/DeFi will still stand the test of time. Matthew Graham China based cofounder of blockchain VC firm Sino Global Capital, observed on Twitter. That would be in line with some Chinese argue with the CCP's real goal here - not to crush crypto entirely but to push it to the merging.
All post are burnt from research and personal opinion, comments would be richly appreciated
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