China Bans Cryptocurrencies, becomes Momentum Litedex.io and other Dex Platforms profit

The Chinese government's decision to ban the use of cryptocurrencies in the country, made BTC, ETH and the majority of the crypto market fall again.

This is the second FUD (Fear, Uncertainty and Doubt) from China, at almost the same time. The first FUD appeared, when the Chinese real estate giant, The Evergrande Group experienced a financial crisis.

Although the prohibition policy made the majority of crypto assets 'dump', uniswap, which is an exchange platform with an underlying Dex, actually gains money.

Data from coinmarketcap.com, Sunday (26/09/2021), UNI coin had increased by more than 22 percent.

This shows that crypto assets that have decentralized underlyings are not so affected by a country’s policy of prohibiting the use of cryptocurrencies.

This is also a good momentum for litedex.io to present its defi products, such as LDX Token.

The LDX Token itself has been verified on the Binance Smart Chain and will soon be listed on its own platform, litedex.io and several other global platforms.

"It is known that digital asset transactions with underlying Dex do not involve third parties. This means that they are carried out directly from one user's wallet to another user's wallet, based on blockchain technology," said Chief Strategy Officer of Litedex.io, Harris Sutresna.

This transaction scheme is what makes crypto assets, such as UNI, skyrocket, even though the market is under tremendous pressure from several countries that are fighting cryptocurrencies.

On the other hand, crypto products originating from centralized exchange platforms will be affected, because they involve third parties as crypto investors and their activities are highly dependent on regulations made by each country, including in China.