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Bitcoin fell as China Extends Ban on Crypto

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Bitcoin fell as China Extends Ban on Crypto

Prices of Bitcoin and other major digital currencies fell on Thursday, as China increased its ban on the cryptrocessing industry in Guangzhou, where commercial places were banned from hosting programs related to crypto.

Bitcoin closed at Bitcoin Exchange, down 1.03% to $ 6,983.5, which was at 06:45 GMT.

For the business value of $ 284.55 on the Bitifinex Exchange, Ethereum fell 2.8%.

Simillree Lightcoin at BitInayX Exchange closed at 3% to $ 60.50.

The Chinese government continued to act on digital assets by banning all crypto-promotion activities in Guangzhou. China’s multinational technology company Baidu was asked to close the online chat room related to the crypto earlier this week.

According to a statement from the Guangzhou Development District, the ban was the latest effort of the regulator to protect the public’s financial interests, because the Chinese government stays firm to ensure the legal status of Yuan, stops money laundering and maintains stability financial system.

Since September, Beijing has started a clampdown on the crypto industry, in which the hotel has been banned from organizing a crypto program in Beijing. The main Wechat social media platform blocked many encrypted and mail accounts in August, while Tencent, the Internet giant, said it no longer allowed encryption to be handled on its platform. E-commerce firm Alibaba (NYSE: BAABA) also said that it will restrict or restrict the accounts included in crypt trading.

In other reports, reports say that the Russian regulators are considering classifying unauthorized cryptrocurance enterprises as criminal activities. Earlier this year, President Vladimir Putin said that the central bank would not accept any digital coin offer which is not supported by Fiat currency.

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