The world’s second-largest economy, China just recently published a draft law that seems to ban entities from issuing digital cryptos.

This could be the first time the word ‘Crypto’ has appeared in any of China’s formal laws.

The new draft of legal comments cited on Fxstreet, clearly states that no individual or unit can produce or sell tokens to replace CNY in circulation in the market.

The violation of this law will have severe consequences according to the draft which reads:

“For anyone that violates such regulation, the PBoC will halt such activities and forfeit any proceed from the making and selling of yuan-backed digital tokens and issue a fine that is up to five times of the involved proceeds.”

Bitcoin whales are keeping up their pace in the last quarter of the year especially as prices hover over $12,800.

Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 8,701 BTC in block 653,929, estimated to be worth about $112million, some minutes ago.

READ: Two strange Bitcoin whales transfer $290 million worth of Crypto

Whale alert! 🐋 Someone moved 8,701 BTC ($112M) in block 653,929 https://t.co/IFkPwNT0wv

— Bitcoin Block Bot (@BtcBlockBot) October 23, 2020

READ: Large BTC entity transfers over $100 million worth of Crypto

Bitcoin price at the time of writing traded at $12,873.76 with a daily trading volume of $25,438,932,778. BTC price is up 0.9% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins

Why it is happening: Global investors and crypto-traders are now preserving some of their profits in digital assets, as the crypto market is awash with cheap money coming from stimulus packages from global central banks and global inflation hitting a record high.

While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

READ: Cryptos: Nigerian financial experts talk risks associated with trading digital assets

Explore Data on the Nairametrics Research Website

What you should know

• At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales.
• This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) that owns around 1000 coins or more.
• As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
• Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

READ: Bitcoin could reach $225,000 by 2021

Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.

Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.

READ: EndSARS Protest: Feminist Coalition group raises additional N31 million crowdfund in four days

The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.

READ: #EndSARS: President Buhari asks international community not to make hasty decisions on developments

October 21st, 2020. pic.twitter.com/UCPquA4Vbc

— feministcoalition (@feminist_co) October 21, 2020

READ: #EndSARS: Nigerian ex-presidential aspirant, Adamu Garba sues Twitter and its founder, Jack Dorsey for $1 billion

Why this matters

• The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
• Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
• Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.

READ: #EndSARS: How Nigerian football players have reacted