Presumably, China is already ‘clean’ from the crypto market?
Based on the latest findings from the central bank, the People’s Bank of China (PBOC), the country still sees 10% of total Bitcoin (BTC) transactions globally.
This means that after China banned any crypto -related activities, trading activity has dropped from a record 90%.
Not only that, all peer-to-peer (P2P) platforms have also stopped operating.
The PBOC described this lowest crypto transaction rate as a successful achievement even though crypto investors and miners are still active, only on a very small scale.
Perhaps with the existence of new lawsuits against crypto-related entities, that 10% amount will turn zero in the near future.
For the record, China has announced a 10 -year prison sentence if investors and crypto miners are identified at fault: fraud against 5,000 victims or inviting losses of up to 25 million yuan!
The implementation of the law takes effect on March 1, 2022.
It is easier for China to focus on the non-fungible token (NFT) market through the presence of blockchain and metaverse service networks (BSNs) that supposedly want to be used as support for the country's economic collapse due to COVID-19.
