China is Introducing New Cryptocurrency Bans! Here are the Details...

Bitcoin (BTC) and cryptocurrencies are known for their strict bans in China, which is considering new restrictions. In this regard, according to a report by the Chinese local news agency Caixin, it was reported that the Chinese government would restrict the stablecoin and cryptocurrency operations of internet giants in Hong Kong, state-owned enterprises, and branches of state financial institutions. It was stated that these bans would require the mentioned institutions to prioritize the development of the real economy. At this point, Beijing has instructed these institutions to prioritize the development of the real economy over virtual asset ventures. According to Caixin, the Chinese government has banned state-owned big tech companies in Hong Kong from operating in the cryptocurrency sector. "Big Chinese internet companies may withdraw from cryptocurrency-related businesses in (Hong Kong). Many central banks and the Hong Kong branches of Chinese banks may also not be able to participate in ongoing applications for Hong Kong stablecoin licenses." As is known, Hong Kong had started full-scale adoption of stablecoins by issuing a stablecoin regulation last month. The Industrial and Commercial Bank of China, China's largest state bank, had also applied to Hong Kong authorities for a stablecoin issuance license through its Hong Kong branch.* This is not investment advice. Follow our Telegram group, Twitter account, and Youtube channel for exclusive news, analyses, and on-chain data! Also, start tracking live prices immediately by downloading our Android and IOS applications!