Crypto Flipsider News – September 27th – China Bans Cryptos, Huobi to

Read in the Digest

• China Drops the Bomb on Cryptos, Huobi to Stop Servicing Chinese Users, and Experts Worry About the U.S.
• Key Events from the Summit 2021
• Robert Kiyosaki Predicts , Gold Crash, Hints at a Safe-Haven
• Slovenia to Become First Country to Launch NFTs

China Drops the Bomb on Cryptos, Huobi to Stop Servicing Chinese Users, and Experts Worry About the U.S.

China’s bad touch on cryptocurrencies may have gotten worse. This time, it was a blanket ban on cryptocurrencies. The People’s Bank of China declared crypto activities illegal, including those from crypto exchanges outside mainland china.

Offering trading of digital assets, order matching, token issuance, and derivatives are now considered illegal activities in China. In addition, the provision of crypto services by overseas crypto exchanges are also regarded as illegal.

In compliance with China’s regulatory stance, leading crypto exchange Huobi on September 24, stopped allowing Chinese residents to register on its platform. In a subsequent announcement, the exchange noted that it will gradually retire existing Mainland China user accounts by December 31, 2021.

Binance, the world’s largest crypto exchange, has also placed restrictions on China. As a result, the Binance app is also no longer available for download in China, and users can no longer register with Chinese mobile numbers.

Flipsider:

• With regulatory pressure in China at an all-time high, experts have expressed concerns about how the United States may react. With the U.S. being one of the top adopters of cryptos, there are concerns that a similar stance could lead to a market crash.

Why You Should Care

While China’s bad touch has affected the crypto market, the dominance and effect China has on the crypto market continue to fall, opening room for other countries to play an important role in the growth of the industry.

Key Events from the Cardano Summit 2021

2021 has been an incredible year for Cardano, with the climax being the Cardano 2021 summit, its biggest event to date. The summit was held in Wyoming.

At the event, Cardano announced a partnership with Chainlink, which will see the integration of Chainlink oracles on the Cardano blockchain. Following a successful integration, developers will be able to build smart contracts on the Cardano network.

Charles Hoskinson explained at the event that Cardano is trying to “position itself in the marketplace of ideas to be a legitimate option” for governmental institutions. Cardano is pursuing this initiative because “people are fundamentally unhappy with governance.”

Hoskinson also announced a partnership between Cardano and DISH Network (NASDAQ:), a fortune-500 American television satellite provider. In addition, it was revealed that the COTI…