Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
September 24, 2021

As Markets Turn Red, Senator Pat Toomey Calls China’s Crypto Crackdown ‘Big Opportunity’ for the US

By Daily Hodl Staff

Crypto prices are down across the board today after China announced it is banning virtually all activity related to the cryptocurrency industry.

In a document co-signed by numerous state institutions, the Chinese government blames fraud and other illegal activities as rationale for the crackdown.

ADVERTISEMENT

The policy brief says,

“Virtual currency trading… activities have risen, disrupting economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering.

In order to further prevent and deal with the risks of virtual currency trading speculation, and effectively maintain national security and social stability… Virtual currencies such as Bitcoin [BTC], Ethereum [ETH], and Tether [USDT]… are not legally reparable, and should not and cannot be used as currency in the market.

Financial institutions and non-bank payment institutions shall not provide services for virtual currency-related business activities.”

ADVERTISEMENT

China plans to “severely crack down on illegal financial activities related to virtual currencies,” with criminal violators subject to “investigation and punishment according to law.”

United States Senator Pat Toomey sees the ban as an opportunity for the US to expand its dominance in the tech industry.

The Pennsylvania Republican added,

“Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades.

ADVERTISEMENT

Economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”

The anti-cryptocurrency measure’s ten co-signatories include the People’s Bank of China, Ministry of Public Security, and Securities Regulatory Commission.

Over the past 24 hours BTC is lower by 3.9% and valued at $42,025, while ETH is down 6.6% to $2,898, according to Coingecko.

China has taken a hard line against digital assets this year, including recently banning crypto mining.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/musicman