BEIJING – Major update for crypto geeks as China is reportedly cracking down on crypto once more. According to reports circulating online, Beijing is moving to tighten noose around cryptocurrency ownership, trading, mining, and even related services.
Unverified sources claimed that Beijing’s recent move perfectly aligned with accelerated push to dominate global finance through the state-backed digital yuan
The recent frenzy start with post of viral account that goes by name @Rawsalerts. It said China has just announced a TOTAL BAN on crypto activity.
Though no official statement has been released by Chinese regulators, the market didn’t wait. Within hours, Bitcoin plummeted to $114,00, sparking fear across Asia and beyond.
China is no longer just targeting crypto businesses, but it may be turning its attention to individuals, with new restrictions rumored to include personal ownership of Bitcoin and Ethereum.
This would mark major escalation from past measures, forcing many Chinese citizens to move their holdings offshore or face legal risks. For a country that once hosted over 60% of global Bitcoin mining, this move could further isolate China from the decentralized future of finance.
With the US tightening economic screws, China is reportedly preparing digital countermeasures, and the digital yuan could be the tip of the spear in Beijing’s broader geopolitical strategy.
Amid contrasting reports, Crypto investor Andrew Hart said China didn’t just ban crypto AGAIN. It’s the same scare tactic we see every bull run.”
Hart was of view that no official policy has changed, and fact-checkers have confirmed the rumors are unfounded—at least for now. Still, the market trembled.
