The markets were briefly rattled Sunday after Chinese bank officials announced their most recent cryptocurrency crackdown.
Sunday’s Chinese crypto ban comes on the heels of similar bans on Friday, Wednesday and Monday.
All told, China has now banned cryptocurrency 63 times in the last calendar year.
“I’m beginning to think they don’t mean it ,” said crytpocurrency analyst Parker Daniels. “Nevertheless, investors should proceed with caution.”
Following news of China’s most recent ban, South Korean government officials announced their country’s fifth cryptocurrency ban in the last seven days.
Park Moon-sung, spokesman for South Korea’s Ministry of Finance, denied claims that China and South Korea were locked in a battle of “cryptocurrency ban one-upmanship.”
“That’s absurd,” Moon-sung said. “We’re taking these measures in the best interest of investors. We’re not competing with the Chinese.”
Government officials in Russia and India appear to be monitoring these recent developments closely,.
Kareena Kapoor, spokeswoman for India’s Central Bank, said her country would not sit idly by while China and South Korea grabbed all the headlines.
“If China can ban cryptocurrency four times in a week, then India can ban it five times a week,” she said. “Never underestimate the will of the Indian people.”