@ranasrijon
China
In September 2017, China banned ICOs to cause abnormal return from cryptocurrency decreasing during announcement window. The liquidity changes by banning ICOs in China was temporarily negative while the liquidity effect became positive after news.[136]
On 18 May 2021, China banned financial institutions and payment companies from being able to provide cryptocurrency transaction related services.[137] This led to a sharp fall in the price of the biggest proof of work cryptocurrencies. For instance, bitcoin fell 31%, Ethereum fell 44%, Binance Coin fell 32% and Dogecoin fell 30%.[138] Proof of work mining was the next focus, with regulators in popular mining regions citing the use of electricity generated from highly polluting sources such as coal to create bitcoin and Ethereum.[139]
In September 2021, the Chinese government declared all cryptocurrency transactions of any kind illegal, completing its crackdown on cryptocurrency.
0 reply
0 recast
0 reaction