China has recently imposed a total ban on all cryptocurrencies in the country, after which it was reported that no citizen or institution is allowed to own cryptocurrencies in China. Following this decision, significant drops in the prices of Bitcoin, Ethereum, and other cryptocurrencies have been observed.

According to reports, China is seeking to promote its official digital currency - "the digital yuan" (e-CNY). It is believed that this is the reason why China is taking a hard stance against private cryptocurrencies, so that there is only room in the market for the official digital currency.

This decision impacts cryptocurrency markets globally, and a climate of uncertainty prevails among investors. Meanwhile, countries like the United States are discussing the use of cryptocurrencies as a strategy against China, especially since Bitcoin is seen as a symbol of the "free market".

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