The Chinese are working hard to protect their Bitcoin
The Chinese are working hard to protect their Bitcoin

China recently started a war on the cryptocurrency bitcoin. The owner of the coin is working hard to protect it from the effects of this war. In particular, after the Chinese central bank announced a new document, the document said it will start searching for more cryptocurrencies while relying on a crypto-based system to track financial transactions.

These decisions led to a large number of coin holders trying to sell them. Due to the increase in supply and demand, the value of Bitcoin decreased by 6% while Ethereum decreased by 10%.

David Lisbrance said he had dozens of messages from Chinese Bitcoin owners. This is because they work hard to find solutions to protect their currency and continue to have access and control over it. This is David as an expert in redistributing crypto digital wealth and helping coin holders move it to other countries to avoid taxes and new laws.

According to the latest ruling, the Chinese authorities have begun to rely on a new method to combat cryptocurrency. The goal is to freeze them and prevent their owners from getting rid of them in any way.

Analysts believe that once the assets are frozen, the government will allow the holders of these currencies to convert them into electronic yuan at a fixed exchange rate. In this case, the owner of the cryptocurrency will lose a lot of its value.

The Chinese are working hard to protect Bitcoin

The Bank of China has also declared that all financial transactions based on cryptocurrency are illegal. This also includes their use in international services.

There are reports that the Chinese government will try to shut down cryptocurrency exchanges with China. Perhaps the most important is the OKEx platform, which allows them to trade real currencies for cryptocurrencies.

It is reported that China's efforts to ban Bitcoin are not new. Here the government has banned the use of Bitcoin for online payments since 2013. In 2017, it subsequently banned the sale of cryptocurrencies. In 2019 the ball returned.

But in 2021, the situation will be even more dangerous for cryptocurrency holders. At that time, China completely banned cryptocurrency mining, which led to the disappearance of half of the world's mining networks.

Over time, things have become increasingly difficult for miners and cryptocurrency holders in China, especially bitcoin owners. It did so at the same time that many countries around the world legalized the use of Bitcoin, including El Salvador, which now officially trades Bitcoin.

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