Gansu Province Bans Bitcoin Transactions47

In a significant move, the Chinese province of Gansu has become the latest region to ban Bitcoin transactions. The ban, which was announced by the Gansu Provincial Financial Supervision Bureau on September 15, 2021, prohibits all financial institutions, payment institutions, and other entities from conducting Bitcoin transactions. The ban also prohibits individuals from using Bitcoin for any purpose.

The Gansu Provincial Financial Supervision Bureau cited concerns about financial risks, market volatility, and illegal activities as reasons for the ban. The bureau stated that Bitcoin transactions are speculative and lack a stable value, and that they can easily be used for illegal activities such as money laundering and terrorist financing. The bureau also expressed concerns about the potential for Bitcoin transactions to disrupt the financial system.

The Gansu ban is the latest in a series of measures taken by Chinese authorities to crack down on Bitcoin and other cryptocurrencies. In May 2021, the People's Bank of China (PBOC) declared that all cryptocurrency transactions were illegal in China. The PBOC also ordered all cryptocurrency exchanges to close and banned financial institutions from providing any services related to cryptocurrencies. Following the PBOC's announcement, a number of Chinese cryptocurrency exchanges announced that they would be closing their operations.

The Chinese government's crackdown on cryptocurrencies has had a significant impact on the global cryptocurrency market. The price of Bitcoin has fallen sharply since the PBOC's announcement, and a number of cryptocurrency exchanges have closed their operations. The Chinese government's actions have also raised concerns about the future of cryptocurrency regulation around the world.

The Gansu ban is a further indication of the Chinese government's determination to crack down on Bitcoin and other cryptocurrencies. The ban is likely to make it more difficult for individuals and businesses in Gansu to use Bitcoin, and it may also have a negative impact on the global cryptocurrency market.

2025-01-15

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