The social media rumor mill once again started the news of a fresh fresh ban on all crypto assets.
Summary
- Rumors on social media suggest that China bans crypto
- Similar rumors broadcast in the past
- There were no significant changes in Chinese Crypto policy
If you follow the Crypto community on X, it seems that China bans Crypto every month. On August 3, several social media accounts report a Chinese ban on Crypto Assets. These accounts claimed that the ban applies to both crypto trading and mining, as well as “related services”.
Nevertheless, it did not seem long -term posts of examples of Chinese Crypto Bain. A user shared an observation of reports from 2013 to 2021, showing how rumors could have a significant impact on Crypto.
In response, some users shared a comic memes referring to the South Park. Meme made fun of the crypto market’s irrational response to large regulatory news from China.
Why Chinese Crypto ban will not die rumors
In fact, top Chinese regulators led by People’s Bank of China implemented a full bank on all crypto transactions and mining for mining ban in September 2021.
In addition, regulators were conceived about the use of crypto in illegal activities, as well as its role in facilitating capital flight. The country later recorded a decline in illegal mining operations, pushed many of them into countries such as Kazakhstan. Nevertheless, irrational mining operations continue in China, and crypto is still being used in bribery.
For crypto markets, regulatory news often the biggest impact. The signalus inflammatory is potent for crypto assets in huge economies like China. At the same time, some traders from China follow their politics, which are sufficient to verify unproven rumors.
For this reason, in search of engagement, social media users reported that China again banned crypto in a few months.