Wednesday 26 May 2021

China extends its cryptocurrency ban to banks

China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.

A cryptocurrency, crypto-currency, or crypto is certainly a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and certain central banking systems.

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