INVESTING IN CRYPTOCURRENCIES 777

INVESTING IN CRYPTOCURRENCIES IS IT TIME TO INVEST IN CRYPTOCURRENCIES? WHICH PLATFORM IS THE SAFEST????

INVESTING IN CRYPTOCURRENCIES 777

aVATRADE

¿ES LA HORA DE INVESTIR EN CRIPTOMONEDAS? ¿CUAL PLATAFORMA ES MAS SEGURA????

INVESTING IN CRYPTOCURRENCIES 777

The Chinese government is considering setting up a digital currency exchange in Beijing. The initiative, if approved, will be the next step in the government’s race to promote the use of the digital yuan while containing cryptocurrencies.

According to a statement from the State Council, Beijing will explore establishing an exchange for digital trading assets as part of a more significant effort to boost financial services in the capital.

The executive has called for accelerated testing of the digital yuan and urged big banks to set up companies to trade on the e-CNY without elaborating on the nature of the planned digital asset exchange.

China has been creating a virtual version of its legal currency since 2014 to cope with an increasingly digitised economy and defend against potential threats from virtual currencies such as Bitcoin. It banned cryptocurrency trading platforms in 2017. In 2021 it has increased control to ban cryptocurrency mining and all related transactions, along with campaigns to promote the digital yuan.

Several cities launched testing last year to promote the use of the e-yuan among consumers and merchants, although the initial reception was weak. The government expects a broader rollout of the digital currency in Beijing by the Winter Olympics next February 2022.

In the middle of a price decline over the past seven days, bitcoin suffered a further 7% drop on Thursday, 25 October, in conjunction with European markets and the major Wall Street stock indices on Friday, 26 October.

The market decline was associated with fears that flight restrictions from Africa, due to the emergence of a new virus strain of Covid 19, could spread from Europe to the rest of the world.

Even though it holds an 86.7% appreciation from the beginning of 2021, bitcoin has been downtrend since reaching its most recent all-time high on 10 November. As the fundamentals of the bitcoin blockchain continue to point to a continuation of the bullish cycle, we should wait for the markets’ reaction next week.