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- Prices take a beating after Tesla refuses to accept BTC as a currency for payments
- China’s warning further eroded the BTC value
- China getting ready to launch its digital currency
In another setback for digital coins, the People’s Bank of China has issued a mandate that digital coins in any form cannot be used as a form of payment.
Money web.co.za reports that after the China cryptocurrency warning, BTC fell below $40000 levels for the first time since February 2021. money web.co.za also said that on 19 May 19, 2021, the most significant token tanked by 10% and stood at $38 973. It was a lousy week for BTC, whose values fell when Elon Musk, the avowed champion of Cryptocurrency, said that Tesla would not accept BTC as payment for its wares. Elon cited environmental costs which provoked Tesla to take such an action. Elon’s statement calling DOGECOIN a hustle also led to a steep fall in the meme-based crypto coin.
A history of animosity by China against Cryptocurrency
Many nations are tightening their controls on Cryptocurrency. Money web.co.za quoted Antoni Trenchev, co-founder of Nexo in London, a crypto lender, who said that China’s final act to control the burgeoning Crypto trade.
Ina statement notice posted on the PBOC’s official WeChat account, the bank said that Cryptocurrency could not be used as a currency in the market since it is a virtual currency. However, Yu Lingqu, associated with the China Development Institute think-tank, said that the statement did not have any regulatory steps. The statement is not from any government official but compiled by industry associations.
Once home to 90% of cryptocurrency trades, China has consistently turned the screws forcing primary mining and investors to flee abroad. China had first abolished initial coin offerings in 2017. It has consistently clamped down on Cryptocurrency within its borders.
China to launch its digital currency.
China is also getting ready to bring forth its digital yuan. It will replace cash and maintain control over traditional financial order, which is increasingly threatened by resurgent technology companies not regulated like banks.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
