China’s financial authorities have been cracking down massively on cryptocurrencies and last week saw a new escalation in that struggle, says financial expert Winston Ma to NPR. “When you have 10 ministries involved – right? – that’s very serious,” Ma says.
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China is banning cryptocurrency transactions. And as NPR’s David Gura reports, it’s sending shockwaves through a sector valued at $2 trillion that’s been largely free from government interference.
DAVID GURA, BYLINE: Part of cryptocurrency’s popularity worldwide stems from the fact that the digital asset is free from government control. And it really hasn’t been regulated. That’s appealing to many Chinese citizens. But China’s leaders have spent years trying to crack down on crypto. Winston Ma teaches securities law at NYU. And he says Friday’s announcement is an escalation.
WINSTON MA: I think the implication will be profound and major.
GURA: As cryptocurrencies get bigger and they become more mainstream in many countries, China is going against trend. In the world’s second-largest economy, you’re no longer able to buy them or sell them. Banks aren’t allowed to process transactions. And there’s been a crackdown on the infrastructure that supports crypto. Ma says this is a government-wide effort.
MA: When you have 10 ministries involved – right? – that’s very serious.
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