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In late May, China‘s financial-industry regulators placed extreme limitations on cryptocurrency in the country. Immediately following the announcement, Bitcoin fell to $30,000 — down 30 percent from where it had been before the announcement. With China being a major player in the global economy, its new restrictions on crypto are sending ripples across the world.
China’s tumultuous history with crypto
Chinese regulators have banned payment companies and financial institutions from offering clients any cryptocurrency-related services. Although citizens can still own cryptocurrencies through crypto exchanges, they can’t do much else with it. The new Chinese regulations require crypto to come with a warning for investors, noting the hazards…
