Will China’s cryptocurrency ban spark a global crypto crisis?

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Editor’s note: China has been tightening its regulation over cryptocurrencies. A recent move has been its ban on financial institutions, including banks and online payment channels, from providing services related to cryptocurrency transactions. What does China’s crackdown mean for crypto in the country? Why has China tightened its regulation of cryptocurrency? How might China’s ban affect the world cryptocurrency market? Tsai Wei-Tek, a blockchain expert, a professor from Beihang University shared his views.The views expressed in the video are his own and not necessarily those of CGTN.  

CGTN: What does China’s crackdown mean for crypto in the country?

Tsai: The announcement means that China is trying to significantly reduce the relevant activities in the country. And this includes any crypto transactions and mining. So practically, it shuts down the whole industry.

CGTN: Why has China tightened its regulation of cryptocurrency?

Tsai: At this time not…

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