There are a lot of cryptocurrency holders in China and Hong Kong. They are all in trouble as China had stated that all cryptocurrency is illegal. The people, or rather the cryptocurrency owners located in that region, are scrambling to find a way to safeguard their cryptocurrency. They are all after the Bitcoin and other cryptocurrency tokens that they have in their possession.

The central bank of China has stated a new document on Friday that are actually showing the tougher and harder measures that they are going to follow in the cryptocurrency crackdown. This is also including systems that are specially made to monitor any kind of cryptocurrency transactions.

Bitcoin Holders Scramble To Protect Their Crypto Assets

Bitcoin was not doing so well. It went down as much as 6%, and ether sunk as much as 10%. All because of the new law or rule that the Chinese government had implemented. But to be on the clear side, this was expected of the situation. What else can happen when the very existence of cryptocurrency is threatened.

“Since they have made the announcement, I have been very busy, and within less than two hours, I have already received over a dozen messages, and that all includes all kinds of email, phone calls, and such. Even the encrypted app – from Chinese crypto holders are going on and looking for solutions on how to access and protect their crypto holdings in foreign exchanges and cold wallets,” David Lesperance said in a statement. He is an attorney who is Toronto-based, and he is a person who specializes in relocating wealthy crypto holders to other countries.

The move was done in order to freeze the cryptocurrency assets that the people are holding. No possible transaction can be made either, so it’s a difficult situation for cryptocurrency holders. What comes next is anybody’s guess. We will keep you updated.