It is a never-ending story: the China FUD.
The Central Bank Of China warned that “institutions within its jurisdiction shall not provide services to crypto-related companies including provide business premises, commercial display, marketing &PR, traffic ads ect.”
Now, China’s central bank closed down a company in Bejing.
The reason: because of providing software services for virtual currency transactions! No institution under China’s jurisdiction should engage in such transactions.
It is probably no secret anymore: China’s government is not crypto-friendly.
But why does China’s Central Bank act so extreme right now?
A couple of days ago, China had its 100th anniversary of the Chinese Communist Party. Chinese president Xi Jinping said on the 100th anniversary that foreign powers will “get their heads bashed” if they try to bully or influence the country.
Apparently, this was not only a warning for countries. It was also a warning for everything that could impact the country! And decentralized money such as bitcoin or other cryptocurrencies would impact the country significantly.
What does that mean for crypto long-term?
Now, many innovative people, miners, and entrepreneurs leave the country. And many of them will go to one of its biggest opponents: the US!
So, the winners of the China FUD are the free and democratic countries in the world!