China Steps up Efforts to Combat Mining and Cryptocurrency Trading

Good afternoon! I would like to discuss the latest news about the crypto market.
The Financial Stability and Development Commission of China has announced its readiness to take tough measures aimed at combating the mining and trading of cryptocurrencies as part of efforts to reflect financial risks. He also announced his intention to stop illegal activities in the securities market while maintaining stability in the stock and bond markets.
It is worth noting that this statement was made a few days after the Chinese authorities banned banks and other financial organizations from providing services related to cryptocurrency. Against the background of these statements, the bitcoin exchange rate fell by 11% to 36,600 yen per unit. In addition to the most popular cryptocurrencies, other digital assets such as Ethereum and Dogecoin have also lost in value. At the time of writing, Bitcoin is trading at 36,625 per unit.

Protecting investors and combating money laundering are the main concerns of governments and regulators around the world who are trying to determine how to regulate the cryptocurrency market. "Although a certain degree of regulation is necessary, this overly restrictive policy will lead to limited opportunities and the flight of the industry from Asia," a representative of the investment company Kenetic Capital commented on the Chinese government's restrictions.

Chinese state-owned company CCTV has warned on its website about the"systemic risks"of trading cryptocurrencies. "Bitcoin is no longer an investment vehicle that avoids risk. Instead, it is a speculative tool, " CCTV reports. It also cites weak regulation of the cryptocurrency market, as digital assets are often used for tax evasion and criminal activity.
What do you think about this topic???