China’s central bank has declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.
The price of Bitcoin fell more than 9%, to $41,085, in the hours after the announcement, as did most other crypto tokens. Ethereum skidded almost 10%, falling from $3,100 to around $2,800.
Promoters of cryptocurrencies say they allow anonymity and flexibility, but Chinese regulators worry they might weaken the ruling Communist Party’s control over the financial system and say they might help to conceal criminal activity. Regulators in other countries have increasingly warned that cryptocurrencies need greater oversight. In the U.S., Gary Gensler, the chairman of the Securities and Exchange Commission, has said that investors need more protection in the cryptocurrency market, which he called “rife with fraud, scams and abuse” and compared to the “Wild West.”
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