As China continues to tighten its grip on cryptocurrencies and exchanges, digital platforms are forced to remove the most tangible feature of cryptocurrency – GPS. With no way for users to convert their funds into fiat currency, the price has dropped 40% in a day with many traders deciding not too invest any more money until further notice.
The “china gps tracking” is a price drop of 40% for the STEPN token. It was revealed that the Chinese government has been using GPS to track its citizens, which has caused concern among some investors. The company also announced that it would be removing GPS from their app in China.
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On July 15, 2022, STEPN, the revolutionary move-to-earn initiative, has declared that it would be obliged to cease offering GPS services to mainland Chinese consumers. The in-game token GST has dropped by 40% as a result of the revelation.
“STEPN will undertake an inventory of software users in order to actively react to applicable regulatory rules.” If users in mainland China are discovered, STEPN will disable GPS and IP location services for their accounts at 24:00 on July 15, 2022 (UTC+8) in accordance with the terms of service.
The coin, which is traded on both Binance Smart Chain and Solana, reached a high of $7 on May 3 but has since fallen to roughly $1.60, a 77 percent reduction from its all-time high.
TradingView is the source of this information.
The native sneaker NFTs needed to earn GST in-game have also dropped 30% in the last 24 hours, and are now available for just 9 SOL. Restriction inside mainland China looks to be proving to be a key roadblock for crypto innovation once again.
STEPN claims to have “engaged in no business in mainland China since its founding,” which is interesting. As a result, it seems that the decision to disable GPS services in China was taken to prevent users from evading systems in order to access the app. According to STEPN, in order to comply with requirements,
“STEPN has always placed a high value on compliance duties and has always followed the applicable requirements of local regulatory bodies to the letter. We also warn consumers to be wary of con artists.”
SOL, BNB, GST, and GMT are some of the tokens used by STEPN in the game. NFTs may be purchased with either SOL or BNB, and the game works on both chains at the same time. GST is a utility token that is used to compensate users for upgrading and transferring NFTs to improve the user experience.
The GMT token is the ecosystem’s governance token, and it’s down 37% on the day and 78 percent off all-time highs. GMT’s entire market valuation has already fallen below $400 million, placing it 84th among the leading cryptocurrencies.
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