China Bleaks Cryptocurrency Future Since Waqar Zaka Joined
After China's move, the cryptocurrency holders see the future of digital assets as bleak as it was never before
The crackdown on Bitcoin by China plummeted its value and this is all happening when Pakistan’s cryptocurrency trailblazer Waqar Zaka was just flexing his muscles to guide the KP government on the use of digital assets.
China, the country that owns around 75% share in Bitcoin mining globally, launched a crackdown which forced a huge dip in its prices.
The move had a major impact as crypto-related trends remained among the top in Pakistan on Thursday.
The financial institutions in the most populated country will not be allowed to offer services or transactions based on cryptocurrencies.
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The trading platforms have been barred to offer services in the digital assets as well but people can still hold it if they want.
Over the past week, cryptocurrencies have headed in the direction of gravity and experienced a rough patch.
The spearhead of the digital assets, Bitcoin, dropped spectacularly below $36,000 on Thursday before a rebound after Tesla Owner Elon Musk had recoiled from accepting the most-valued asset as payments.
Later., he clarified in a Tweet on Monday that Tesla has not sold any Bitcoin, meaning the firm was still holding it.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Waqar Zaka, considered the crypto wizard of Pakistan, had recently revealed on Twitter about being a part of the digital assets committee established by the Khyber Pakhtunkhwa (KP) government.
Let me clear it, I am working with KP Govt @ZiaBangashPTI & other since last year as a Crypto expert, I never posted till few claimed that I charge KP GOVT for my travel & few said the document was not signed so here it is the signed one & I am not charging a penny pic.twitter.com/DJWFKhDdA5
— Waqar Zaka (@ZakaWaqar) May 17, 2021
However, after China’s move, the cryptocurrency holders see the future of digital assets as bleak as it was never before. They suspect that Zaka’s almost decade-long efforts could go in vain.
