According to Edward Snowden, China's complete prohibition on cryptocurrency actually strengthened Bitcoin. Bitcoin started trading at Rs. 36,53,453 (approximately $49,285) on Monday, October 4, reflecting an overall gain in its exchange value following an unsettled week sparked by China's anti-crypto move, according to the NSA whistleblower. Snowden's statement comes just days after US Federal Reserve Chair Jerome Powell told the crypto community that the central bank had no plans to prohibit digital currencies.
The cyberspace commission in China's northern Hebei province announced that it will work with other government departments to combat virtual currency mining and trading, the latest move in the country's cryptocurrency crackdown.
China's cryptocurrency onslaught isn't going to be limited to Bitcoin mining — stablecoins, software, and influencers are all on the table and have been identified as a serious threat by authorities in the country.