China’s crypto ban may reveal digital yuan CBDC goals By Cointelegraph2 min read

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Chinese regulatory authorities gave yet another shock to the cryptoverse by imposing a ban on all cryptocurrency transactions on Sept. 24. This measure came just as the market was beginning to recover from the government’s June prohibition on cryptocurrency mining activities.

The fear, uncertainty and doubt (FUD) that resulted from the ban caused (BTC) to crash nearly 9% within five hours, from exchanging hands in the $45,000 range to bottoming out at $41,142. Soon after, Alibaba (NYSE:) announced that it would be banning any sale of cryptocurrency rigs and related accessories starting Oct. 8.