Genuine panic selling around the StepN (GMT) app after a announcement on the official Twitter account. Following this announcement, the price of the GST has fallen by more than 30% thus reaching $1.53 on the Blockchain Solana.
StepN and Move to Earn are not welcome in China
The StepN project is an application of type Move to Earn. This allows you to earn cryptocurrency during his daily journeys. Whether it’s to take your children to school or to get bread, your steps are paid for. Yes but here it is, it seems that China is not in favor of users taking advantage of these rather indecent returns lately.
The news fell yesterday on the official Twitter account of StepN :
Dear STEPN users:
In order to actively respond to relevant regulatory policies, STEPN will conduct an inventory of software users. If users in Mainland China are found, STEPN will stop providing GPS to their accounts at 24:00 on July 15, 2022 (UTC+8) under the Terms of Service and IP Location Services.
The announcement is rather clear, end of the game for users who are in Mainland China. If they want to continue enjoying the application, they will have to find certain subtleties.
Drop in value of GST and GMT token
Faced with this rather unexpected announcement, the market’s reaction was not long in coming. It took a few hours for the GST and tu GMT prices to fall by around 30%.
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Nevertheless, we can observe on the graph that the course of the GST seems to have recovered. Indeed, it should be noted that residents of mainland China are accustomed to this kind of reaction from their leaders. The most glaring evidence is the many times China has banned Bitcoin as well as PoW recently.
Despite the fact that users are no longer tolerated in the application, they will probably find subterfuge and adapt.
StepN soon banned in France?
Today it is still far too early to tell. Between France’s attempts at regulation and those of Europe, notably with MiCa, you still have a little time ahead of you. Before purely and simply banning this kind of application, it is first necessary to regulate and understand the crypto ecosystem.
Steps that take a while as the market loses momentum, next episode in the next bull run? A real blow in the water, the crypto ecosystem is once again suffering a blow in an attempt to stop the unstoppable.