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over the with year, the cryptocurrency make known took a series of close punches from the Chinese government. The announce took the hits considering a warrior, but the combos have taken its toll in many cryptocurrency investors. The publicize insipid take steps in 2018 pales in comparison to its stellar thousand-percent gains in 2017.

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What has happened?

Since 2013, the Chinese organization have taken dealings to fine-tune cryptocurrency, but nothing compared to what was enforced in 2017. (Check out this article for a detailed analysis of the recognized broadcast issued by the Chinese government)

2017 was a banner year for the cryptocurrency publicize once every the attention and mass it has achieved. The extreme price volatility forced the Central bank to focus on more extreme measures, including the ban of initial coin offerings (ICOs) and clampdowns upon domestic cryptocurrency exchanges. Soon after, mining factories in China were annoyed to near down, citing excessive electricity consumption. Many exchanges and factories have relocated overseas to avoid regulations but remained accessible to Chinese investors. Nonetheless, they nevertheless fail to run away the claws of the Chinese Dragon.

In the latest series of government-led efforts to monitor and ban cryptocurrency trading in the course of Chinese investors, China extended its "Eagle Eye" to monitor foreign cryptocurrency exchanges. Companies and bank accounts suspected of carrying out transactions subsequently foreign crypto-exchanges and aligned activities are subjected to procedures from limiting dissolution limits to deadening of accounts. There have even been ongoing rumors along with the Chinese community of more extreme proceedings to be enforced on foreign platforms that permit trading among Chinese investors.

"As for whether there will be further regulatory measures, we will have to wait for orders from the vanguard authorities." Excerpts from an interview afterward team leader of the China’s Public guidance Network Security handing out agency below the Ministry of Public Security, 28th February

WHY WHY WHY!?

Imagine your child investing his or her savings to invest in a digital product (in this case, cryptocurrency) that he or she has no exaggeration of verifying its truth and value. He or she could get lucky and strike it rich, or lose it every bearing in mind the crypto-bubble burst. Now scale that to millions of Chinese citizens and we are talking roughly billions of Chinese Yuan.

The spread around is full of scams and useless ICOs. (I’m positive you have heard news of people sending coins to random addresses later the concord of doubling their investments and ICOs that clearly don’t make sense). Many unsavvy investors are in it for the money and would care less about the technology and go forward at the rear it. The value of many cryptocurrencies is derived from puff speculation. During
best cryptocurrency exchange -boom in 2017, participate in any ICO as soon as either a renowned advisor onboard, a promising team or a decent hype and you are guaranteed at least 3X your investments.

A lack of settlement of the answer and the technology astern it, total afterward the proliferation of ICOs, is a recipe for disaster. Members of the Central bank reports that on the order of 90% of the ICOs are fraudulent or involves illegal fundraising. In my opinion, the Chinese presidency wants to ensure that cryptocurrency remains ‘controllable’ and not too huge to fail within the Chinese community. China is taking the right steps towards a safer, more regulated cryptocurrency world, albeit unfriendly and controversial. In fact, it might be the best have an effect on the country has taken in decades.