menuIcon
$ 85,487.8
BTC
$ 85,487.8
2.58 %
$ 1,647.86
ETH
$ 1,647.86
5.53 %
$ 0.6609
ADA
$ 0.6609
6.27 %
$ 596.64
BNB
$ 596.64
1.98 %
$ 133.20
SOL
$ 133.20
9.93 %
Usha Yadav
May 16, 2022
by Usha Yadav

Chinese State Paper Condemns Crypto and The LUNA Crash, Applauding The Crypto Ban

Chinese State Paper LUNA
LUNA and UST's crashes to state cryptocurrency "once again, proven its risks and that it is a bubble," according to Economic Daily, a Chinese state-backed tabloid.

Beijing's crypto ban was praised in the editorial piece as "decisive, forceful, and timely," and such actions prevent bitcoin risks from spreading into China's economy. Luna and Bitcoin were the ninth and 12th most popular search phrases on Weibo during LUNA's drop, indicating that Chinese investors are still paying attention to cryptocurrency market activity.

Last September, China outlawed cryptocurrency trade and mining, forcing Chinese exchanges and miners to relocate outside.

Chinese Runners Offer Substitute Running

Over 170 advertising on Alibaba's second-hand marketplace offers running services to generate cryptocurrency GMT in exchange for fiat commissions for StepN customers. Advertisers are offering alternative running services depending on running pace, with estimates ranging from 8 to 15 yuan (US$1.18 to US$2.21) per "energy" for walking and jogging services and 12 to 25 yuan (US$1.77 to US$3.78) per "energy" for running services.

Alternative options include a 10% share of the entire amount of GMT gained during a run or charging StepN users based on the rarity of the NFT. Users can earn at least $25 per 10 minutes of work, with some earning up to $4,500 in a single day.

Follow us on: News
crypto Crypto ban UST Chinese State Paper LUNA Crash
Chinese State Paper Condemns Crypto and The LUNA Crash, Applauding The Crypto Ban
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Top Picks