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China urged to "stop the chaos" around Bitcoin

Dash/Bitcoin, cryptocurrency, BitcoinGold/Bitcoin, cryptocurrency, Bitcoin/USD, cryptocurrency, BitcoinGold/USD, cryptocurrency, BitcoinGold/Ethereum, cryptocurrency, China urged to \

The Chinese authorities in a new publication criticized cryptocurrencies and mining.

The official news agency of the Chinese government, Xinhua, published an article titled "Urgently stop the hype and chaos around the virtual currency". It was a continuation of the statement of the State Council of the People's Republic of China, which on Friday called Bitcoin mining and trading financial risks.

The article talks about four risks associated with trading and using cryptocurrencies: market, transactional, technological and legal.

"Cryptocurrencies carry the risks of large losses to investors and can affect the financial stability of the state and the order in society. It is necessary to stop the chaos in the virtual currency market", the Chinese authorities are confident.

In their opinion, investors should not trade Bitcoin, and financial companies should not support such activities.

Separately, the publication mentions mining and projects that mislead the authorities "in order to get support." The agency also warned organizations working with participants in the cryptocurrency industry about responsibility.

According to Reuters, the mining activity of BTC.TOP and company HashCow (Bitcoin mining) have already suspended operations in China.

Journalist Colin Wu noted that there is currently no specific information beyond the statement of the State Council. According to him, because of this uncertainty, any news or rumors "can cause volatility in the market."

According to TRON founder Justin Sun, the bull market is not over yet, and July and August will mark the beginning of a new round of the bull market.

China is strengthening its control over financial markets, acting from different sides, and these steps have an impact on the entire financial system. At the same time, China is taking new steps to restrict the mining of cryptocurrencies in the country and the possibility of paying with them. These steps  deal damage to the crypto market.

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