[Taklimakan Blog] How China’s Bans Will Affect the Crypto Market

In China, four provinces have already introduced a ban on the extraction of digital assets, and the country’s five largest banks were banned from conducting operations related to cryptocurrencies.

Experts explained what this will lead to and how it will affect quotes in the long term

On June 21, the People’s Bank of China held a meeting with the country’s five largest banks and the Alipay payment system, during which it warned financial institutions against cryptocurrency-related transactions.

Last month, the PRC authorities called for stricter regulation of mining and crypto trading. After that, bans on the mining of digital assets were introduced in four Chinese provinces: Sichuan, Yunnan, Qinghai, and Xinjiang.