Fear Not, China Is not Banning Cryptocurrency

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In 2008 following the fiscal crisis, a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" was published, detailing the principles of a payment system. Bitcoin came into this world. Bitcoin gained the eye of the world for its use of blockchain technology so that as an alternative to fiat currencies as well as commodities. Dubbed the next best technology following the internet, blockchain offered solutions to issues we've failed to address, or ignored during the last few decades. I won't delve into the technical part of it but the following are a couple of articles as well as video clips that I recommend:<br> <br> <br> <br> Exactly how Bitcoin Works Under the Hood<br> <br> <br> <br> A short introduction to blockchain technology<br> <br> Ever wonder precisely how Bitcoin (and other cryptocurrencies) really work?<br> <br> Fast forward to today, 5th February to be precise, crypto - https://ripplecrypto.blogspot.com/ authorities in China have only unveiled a brand-new group of regulations to ban cryptocurrency. The Chinese government have done so last year, but many have circumvented via foreign exchanges. It's nowadays - https://www.sportsblog.com/search?search=nowadays enlisted the almighty' Great Firewall of China' to block access to overseas exchanges in a bid to counteract its citizens from carrying out any cryptocurrency transactions.<br> <br> To learn much more about the Chinese government stance, we should backtrack a few years back to 2013 when Bitcoin was becoming popular among the Chinese people and prices were soaring. Worried about the price volatility and speculations, the People's Bank of China plus five additional government ministries published an official notice on December 2013 titled "Notice on Preventing Financial Risk of Bitcoin" (Link is in Mandarin). Many points were highlighted:<br> <br> 1. Because of a variety of factors such as limited supply, anonymity as well as lack of a centralized issuer, Bitcoin isn't a recognized currency though a virtual commodity which cannot be used in the open market.<br> <br> 2. Financial organizations as well as all banks are not allowed to provide Bitcoin-related financial services or engage in trading activity linked to Bitcoin.

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