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| Bitcoin crashes after China rules all crypto-related transactions illegal | Bitcoin crashes after China rules all crypto-related transactions illegal |
| (25 days later) | |
| The People’s Bank of China revived its tough stance on digital currencies on Friday, ruling all crypto-related trading activities illegal and banning overseas crypto exchanges from providing services to mainland investors. | The People’s Bank of China revived its tough stance on digital currencies on Friday, ruling all crypto-related trading activities illegal and banning overseas crypto exchanges from providing services to mainland investors. |
| The regulator announced plans to bar financial institutions, payment companies and internet firms from facilitating cryptocurrency trading, as well as to strengthen monitoring of risks from such activities. | The regulator announced plans to bar financial institutions, payment companies and internet firms from facilitating cryptocurrency trading, as well as to strengthen monitoring of risks from such activities. |
| “Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity,” the PBOC said in a Q&A posted to its website. | “Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity,” the PBOC said in a Q&A posted to its website. |
| “Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies,” the central bank said. | “Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies,” the central bank said. |
| The move sent bitcoin and other virtual currencies plummeting. The world’s number one digital asset by market capitalization dropped over 5% to below $42,000. Other cryptocurrencies followed the declining trend with ether dropping 10% to below $2,800, while dogecoin crashed over 8% to below $0.20, according to the Coinmarketcap website. | The move sent bitcoin and other virtual currencies plummeting. The world’s number one digital asset by market capitalization dropped over 5% to below $42,000. Other cryptocurrencies followed the declining trend with ether dropping 10% to below $2,800, while dogecoin crashed over 8% to below $0.20, according to the Coinmarketcap website. |
| The latest ruling comes as part of a broader state-run campaign by Chinese regulators against cryptocurrencies. Earlier this year, Beijing banned mining in major bitcoin hubs, such as Sichuan, Xinjiang and Inner Mongolia, which led to a sharp drop in bitcoin’s processing power, as multiple miners took their equipment offline. | The latest ruling comes as part of a broader state-run campaign by Chinese regulators against cryptocurrencies. Earlier this year, Beijing banned mining in major bitcoin hubs, such as Sichuan, Xinjiang and Inner Mongolia, which led to a sharp drop in bitcoin’s processing power, as multiple miners took their equipment offline. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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