CNET.COM reported that “On Sept. 24, China’s Central Bank declared all crypto-related transitions illegal, citing concerns about gambling fraud and money laundering.” The September 28, 2021 report entitled “China’s cryptocurrency ban: What it means for Bitcoin, Coinbase and the US” included these comments:

China’s crypto crackdown comes as governments around the world — including the US — begin to coalesce their official positions on digital assets and virtual currencies.

The Chinese government has long been dubious of cryptocurrency, so the move to ban it outright isn’t entirely surprising.

China’s ban extends to crypto exchanges that do business with Chinese citizens — even if they’re located outside of China.

Crypto exchanges are now struggling to figure out how to deal with Chinese customers. Coinbase, which is one of the most prominent US-based cryptocurrency exchanges, did not publicly comment on the ban.

But investors shunned its debut bond sale in the wake of the announcement, according to Bloomberg

Is anyone surprise by this move in China?

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