Fintech

Here’s why China wants to go further in its crackdown on cryptos

Any avenue offering citizens a way to shift funds out of China is subject to threat

Bitcoin has recovered some of its losses after Chinese Vice Premier Liu He’s pledge to crack down on mining and trading on 21 May. But investors should be cautious with all crypto as far as China is concerned. The government has its own reasons for smothering the sector, and a track record that suggests it will follow through effectively.

The first and most obvious reason is the stated one: to limit the risk of financial excesses becoming a broader social issue.

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