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China’s cryptocurrency regulations are a smart move and other countries should look to do the same

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Recently, Chinese regulators released a statement saying that the country would effectively ban any financial institutions and payment companies from doing business related to cryptocurrencies. This ban refers specifically to cryptocurrencies such as bitcoin and not China’s official digital yuan, which is in development right now.

Though many have been critical of the move for interfering in what appears to be a flourishing market, it was justified – and long overdue.

“Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” three industry bodies, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, said in a joint statement.

Crypto is a complicated subject since not every cryptocurrency is the same. There are genuine innovations happening in some ecosystems, like Ethereum and other platforms using blockchain technology that introduce, for example, smart contracts and decentralized finance. I personally find these interesting, though in........

© RT.com

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