#ChinaCrackdown
Expert Says Peer-to-Peer Nature of Crypto Activity Renders China’s Ban Ineffective

Rising instances of Chinese raids on underground gangs and companies using digital assets to facilitate illegal foreign exchange transactions are exposing China’s seemingly faltering crypto prohibition, a Bloomberg report has said. It suggests that the alleged busts of gangs moving more than $140 million (one billion yuan) could indicate that China remains a significant crypto market, despite the 2021 ban.

As previously reported by Bitcoin.com News, China has not only curtailed the use of crypto but also cracked down on cryptocurrency mining. This crackdown is believed to have prompted many miners to relocate to more welcoming countries, resulting in China relinquishing its position as the world’s top Bitcoin miner. However, the Asian nation’s attempts to block or curb cryptocurrency trading have not been as successful.

The Bloomberg report explains that the persistent demand for crypto among Chinese residents can be attributed to their desire for alternative investments and a means to circumvent the country’s strict capital transfer rules. Additionally, understanding the decentralized nature of crypto assets like bitcoin (BTC) may also be sustaining Chinese residents’ interest in crypto.

Over the weekend, X was actively spreading the news about the possible lifting of the ban on cryptocurrencies in China by the end of the year.

If the information is confirmed, this is another powerful catalyst for market growth in the fourth quarter.
#ChinaCrackdown

🚨 BREAKING: China Declares Crypto Transactions as Money Laundering! 🚨

China's top judicial bodies have just classified ALL cryptocurrency transactions as illegal and labeled them a form of money laundering! 💰❌ This explosive move intensifies the nation’s crackdown on illegal financial activities. Violators could face **severe penalties**, including **prison sentences** and **hefty fines**. 😱

Is this the end of crypto in China, or just the beginning of a new underground revolution? 🌐🔥 Stay tuned as this story unfolds! #CryptoBanDebate #moneylaundering #ChinaCrackdown

China's crypto crackdown seems to be hitting a snag.
Despite a two-year ban, authorities busted illegal crypto operations worth billions, including a massive $1.9 billion underground bank. This widespread activity suggests citizens are using crypto as an investment or to move money abroad. Experts say lax enforcement and crypto's decentralized nature might be to blame. While down from pre-ban times, $86 billion flowed into China in a year, highlighting continued interest in digital assets.
#ChinaCrackdown #ChinaCrypto #China #CryptoBan

🚫 Stop the presses! 🚫

China's bombshell announcement has sent shockwaves rippling across the crypto world! 🌊⛏️ The Chinese Embassy's stern warning to Bitcoin miners in Angola has plunged the global community into a state of uncertainty. 🌍🔒 With the stroke of a pen, new legislation has made crypto mining in Angola a criminal offense, leaving miners facing the threat of incarceration and hefty fines. ⛓️💸

Angola, Africa's oil powerhouse and a newfound hub for Bitcoin mining, finds itself at a crossroads. 🛣️💻 The influx of Chinese miners seeking refuge from China's crypto ban has propelled Angola into the spotlight, but now, with the crackdown in full swing, the future of crypto mining in the country hangs in the balance. 🤔🔍

Bitcoin enthusiasts worldwide are grappling with the ramifications of this seismic shift. 💔⛏️ Angola's rise to prominence as a Bitcoin mining hotspot in late 2023 now seems like a distant memory, overshadowed by the specter of legal repercussions and energy consumption concerns. 💡💥

As China tightens its grip on the crypto landscape, the global community braces for the impact. 🇨🇳💼 Will this crackdown mark the beginning of the end for crypto mining as we know it, or will it spur innovation and resilience in the face of adversity? 🚀🔒 Only time will tell. Stay tuned as the crypto saga unfolds before our eyes! 📰👀 #CryptoBan #BitcoinMining #ChinaCrackdown 🚷⚡ Follow | Like ❤️ | Quote 🔄 | Comment🙏

#CryptoMarketMoves #ChinaCrackdown On September 2, Wang Liang, president of China Merchants Bank, said that we should control risk costs and improve profitability through the improvement of asset quality and the reduction of risk costs. Wang Liang further said that the profit rise will not be achieved simply through the provision of clawback and the provision coverage ratio of drop. This method may be simple, and the form of achieving positive profits rises, but it is not achieved through hard work, not through operation and management, and investors may feel more satisfied, but for management, it is more necessary to build management capabilities. "Overall, we are confident that we will achieve a trend of gradual improvement, and at the same time, we will achieve a profitable rise by managing the risk cost and finally dropping." Wang Liang said.$BTC $TAO
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