Following a recent high-level government mention of a potential crackdown on bitcoin trading and mining, Chinese government mouthpieces have now published a series of reports criticizing the crypto markets.

Much of the criticism from the state-owned Xinhua News Agency and the China Central Television focused on telling the audience about “rampant” market manipulation, citing anecdotal examples. It is an effort to dissuade the Chinese public from crypto trading. 

In its latest report on Thursday, Xinhua even detailed the reasons why it has been “going after” the crypto market.

Although the government mouthpiece recommends that the public stay away from the risky and volatile crypto markets to ensure their financial safety, it admits that the state also does not necessarily consider crypto trading to be illegal.

“If virtual currencies like bitcoin are treated as virtual commodities that can be bought and sold, then the general public has the freedom to…

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