China deems all cryptocurrency-related transactions illegal, news that sends Bitcoin and Ethereum prices tumbling
Chinese government agencies including the country's securities regulator and the People's Bank of China said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to clamp down on illicit activities involving digital currencies.The agencies said that overseas crypto exchanges would be blocked from providing services to Chinese residents through the internet. Bitcoin fell about 5% on the news.
Bitcoin for beginners: Here's what to know before you invest in cryptoIn May, Chinese Vice Premier Liu He told a group of finance officials that the government would"clamp down on bitcoin mining and trading activity" as part of its goal to achieve financial stability.
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