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China strengthens regulation on cryptocurrencies again
- To strengthen monitoring of risks from cryptocurrency trading
- Reaffirms that cryptocurrency-related activities are illegal
- Says overseas crypto exchanges must not provide services to mainland investors
- To severely punish illegal financing activities related to cryptocurrencies
Bitcoin is taking a significant hit as it falls by over 2.5% to the lows for the day now amid the headlines from China over the past 15-20 minutes.
China clamps down further on cryptocurrencies
The China state planner says in the notice that it is to strictly prohibit financial support for new cryptocurrency mining projects and that it will not allow said projects to participate in electricity markets.
This is all part of a broad-scale crackdown in Chinese markets with the earlier warning to high commodity prices here.
Bitcoin lurking a little lower on the headlines here, down 0.7% on the day to $44,400.
Ray Dalio is the founder of the world’s largest hedge fund, Bridgewater Associates; he said he still thinks that bitcoin makes a good alternative to cash
Dalio was speaking in a CNBC interview:
- said regulators will kill BTC if its successful, “I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it”
Dalio likes BTC:
- “I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin”
Link to CNBC is here for a little more, worth checking out.
It has no weight, therefore I can move it at the speed of light. It has no jurisdiction, therefore the government can’t impair the asset.”