China should maintain its hard line on controlling virtual currencies to prevent wild speculation that may cause major financial losses to investors, according to experts.
China Ban Triggers Crypto Sell-off – Time To Invest in Bitcoin?
Last Updated: 19 May 2021
China’s relationship with the cryptocurrency industry has always been quite complicated. After a few years of keeping an eye on crypto, the country tried to ban it.
China declared that financial institutions were not allowed to provide services to crypto businesses, purposefully trying to suffocate the crypto sector within the country. However, it liked the idea of crypto, just not the decentralised part of it.
As a result, it started creating its own native cryptocurrency, the so-called digital yuan, which will be controlled by the central bank the People’s Bank of China (PBoC).
Bitcoin, Ethereum, Dogecoin and other cryptocurrencies crash after China crackdown origin-businesstoday.intoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from origin-businesstoday.intoday.in Daily Mail and Mail on Sunday newspapers.
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Bitcoin and Dogecoin in India: Legal status of crypto, how it is bought and sold, what can you do with them
Bitcoin, Ethereum and Dogecoin were all in green (at the time of writing), while others also showed a positive sentiment. The recent fall came after China s decision to ban financial and payment institutions from providing cryptocurrency services.
Manas Tiwari | May 20, 2021 | Updated 19:28 IST
Cryptocurrencies are not illegal in India but, they are not regulated.
Highlights
Bitcoin and Ethereum have recovered in last 24 hours.
Cryptocurrencies are not illegal in India.
The entire crypto world was shaken on Wednesday as it lost close to $1trillion in market cap and biggest of trading platforms, including Binance and Coinbase crashed, leaving investors fuming. Most cryptocurrencies have recovered in the last 24 hours. Bitcoin, Ethereum and Dogecoin were all in green (at the time of writing), while others also showed a positive sentiment. The recent fall came after