© Reuters.
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At Laura Sanchez
Investing.com – “The attempt of the to curb the cryptocurrency markets goes beyond the aim of stopping speculation.” According to the financial consultancy SGH Macro Advisors, according to which at the center of the Beijing strategy there would be ” the development of digital “
According to SGH experts, Guo Shuqing, governor of the People’s Bank of China (PBoC) and chairman of the China Banking and Insurance Regulatory Commission (CBIRC), chaired a meeting Monday on a ban on financial institutions and payment companies from providing services with transactions in cryptocurrency by direct order of the State Council, China’s main administrative body, chaired by Prime Minister Li Keqiang, which includes the heads of each of the cabinet departments.
The meeting was also attended by other PBoC officials, the CBIRC, the CSRC (China Securities Regulatory Commission), and the Ministry of Public Security, as well as the three state-backed financial bodies that issued the subsequent directive against the use of cryptocurrencies as a payment method: the China National Internet Financing Association, China Banking Association and the China Payment and Clearing Association.
After the meeting, according to reports from the consulting firm, Guo personally examined the draft of the joint statement of the three associations before sending it to Premier Li Keqiang and Vice Premier Liu He for approval.
An official source told SGH that Beijing “does not want there to be any doubts about its policy against crypto”, adding that “this time we have repressed the virtual currency more severely than in September 2019 and the price of the virtual currency will still be more influenced than last time “.
“We need to provide an absolutely safe financial environment for digital RMB testing and promotion in China,” the source told SGH.
According to these experts, although the price of the has dropped below $ 35,000 from nearly $ 65,000 a month ago, the crash could be devastating and bring Bitcoin below $ 20,000.
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