A Chinese ban would be disastrous for crypto, says GlobalData

Following today’s news that the People’s Bank of China has called crypto transactions illicit financial activities:

George Monaghan, Analyst at GlobalData’s thematic team, a leading data and analytics company, offers his view:

“China ruling crypto transactions illegal would be disastrous for the cryptocurrency sector. Being excluded from the world’s largest market is terrible for any product, and this is the strongest demonstration yet of China’s anti-crypto sentiment.

“However, this isn’t the first time China has threatened action, and, thus far, it has failed to follow through. The next few weeks will be rough for crypto markets that were already on edge after the SEC’s recent comments, but only actual legislation will have a long-term effect.”

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