On Friday (21), Vice Premier Liu He, director of the State Council Financial Stability Development Committee, convened the 51st meeting of the State Council Financial Stability Development Committee, in which he called for resolute prevention and control of financial risks, requiring the strengthening of supervision of financial activities of platform companies and cracking down on bitcoin mining and trading practices, news that prompted another fishy storm in the cryptocurrency world.
At around 11:30 p.m. Taipei time on Friday, cryptocurrencies took a collective dive, with bitcoin falling below the $40,000 mark, diving more than 9.7% to a temporary $37,806.
Bitcoin fell below the $40,000 mark (Photo: Vantage.com)
Ether plunged more than 13 percent to $2,550 for now. Dogcoin fell more than 13 percent to $0.362 for now. Cryptocurrency and Ripple dropped nearly 20% in 24 hours.
The People’s Bank of China (PBOC) announced on Tuesday that it would ban financial institutions from providing services related to cryptocurrency trading, while warning the public about the risks associated with trading digital assets, and on Friday Finance Committee Director Liu He again issued a warning about cryptocurrency trading.
Financial Committee Director Liu He (first from left) (Photo: AFP)
Liu He said that he is determined to prevent and control financial risks, and asked to strengthen the supervision of financial activities of platform companies and crack down on bitcoin mining and trading practices.
Liu He also mentioned the need to maintain the smooth operation of the stock, debt and foreign exchange markets, crack down on securities violations, and severely punish financial illegal and criminal activities. To closely guard against external risk shocks, effective response to imported inflation, strengthen the management of expectations, strengthen market supervision, and make good response plans and policy reserves.
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