PRViously on Crypto, China Calls all Crypto Transactions illegal, Switzerland to Impose Anti-Money Laundering Rules, and Cardano to hit New Highs
It’s a blissful week for the PRVArmy and the cryptoverse as there are a lot to cover for this week’s trending news and hottest posts! But wait, before we dig deep with our usual catch up, The Great Migration ✨ is right around the corner and we cannot wait any longer for it to arrive! Now, ready for this week’s highlights? You got it!
China Calls all Crypto Transactions illegal, another Crackdown!
In an announcement made by the People’s Bank of China (POBC), it relates that the disruption of economic and financial order was due to the rise of virtual currency trading. Further, it also stated that trading virtual currencies also lead to a lot of illegal and criminal activities, and its spread.
The POBC further stated that gambling,fraud, pyramid schemes, illegal fund-raising, and money laundering brough by currency trading online could seriously endanger the safety of people’s property.
In order to address this, the POBC issued a statement that it would ban all kinds of crypto transactions and made a remark that “virtual currency-related business activities are illegal financial activities” With this, any kind of exchange involving virtual currencies is now prohibited.
With the release of the statement, the market dipped and Huobi and OKEx’s tokens took the biggest hit. Within the hour the POBC dropped the statement, the prices of huobi token (HT) and OKEx’s OKB token (OKB) both dropped by over 15%, and they are currently the top two tokens with the biggest percentage drop over the past 24 hours based on CoinGecko.
Switzerland to Impose Anti-Money Laundering Rules on Crypto Providers
The Swiss Financial Market Supervisory Authority (FINMA) would closely supervise local crypto providers in order to pin down money-laundering transactions based on the Finews report.
With this, the brokers and Swiss platforms would have to enhance their efforts in monitoring and observing bad actors that might employ cryptocurrencies.
According to a Bern-based watchdog, it believes that the initiative is “urgently necessary,”stressing that terrorism acts are even funded using the cryptocurrency by these criminals.
FINMA also turned its attention to Bitcoin ATMs. It is worth noting that Switzerland has 130 BTC automated teller machines although it’s a relatively small nation. With this, according to the regulator, drug dealers use these ATMs for their payment systems.
Cardano to hit New Highs!
According to the head of deVere Group, one of the leading independent financial advisory companies in the world, Cardano (ADA) will soon attain a new all-time high and will eventually hit $4 by the end of the year.
The head of deVere Group, Nigel Green, correctly predicted last minth that ADA will reach $3. Although it immediately plunged 36% due to massive sell-off still, Green is convinced that Cardano will be able to rebound from the dip.
And that’s a wrap on this week’s PRViously on Crypto! Although China has been pretty aggressive over the years with cryptocurrency’s ban over the country through its regulations, still the market is thriving that ever!
Meanwhile, our much-anticipated PRV 2.0 is right around the corner! Stay tuned for more updates and always remember to keep on hodling!