The crypto community is at risk of facing new obstacles.
Major cryptocurrency exchanges will withdraw their support for the Chinese yuan this week. Journalist Colin Wu reminded participants of the crypto community about this.
- On the last day of 2021, many crypto exchanges doing business in China will refuse to support the PRC’s national currency. Including, crypto-fiat gateways with yuan will be closed by Binance.
- On the same day, many other restrictions will come into effect, previously reported by major market participants. For example, on December 31, 2021, crypto exchange Huobi will start deleting user accounts from mainland China.
- Losing access to crypto-fiat accounts and gateways could cost many members of the crypto community to lose access to the digital asset market.
- Colin Wu believed that the enactment of the new rules would cause market fluctuations. The risk of losing access to assets could trigger a wave of cryptocurrency selling from Chinese users.
- PRC authorities began to put pressure on representatives of the crypto community in May 2021. As a result, many companies were forced to make adjustments to their China-related businesses.
We will remind you, earlier on the network there was information that the Chinese authorities had found a way to “extort” the remnants of the mining community from the country.