CHINA’S central bank has declared cryptocurrency transactions illegal as the cost of Bitcoin drops on Coinbase.
The People’s Bank of China (PBOC) said: “Virtual currency-related business activities are illegal financial activities.”
The country previously banned financial institutions from offering crypto related transactions, and warned investors against speculative trading in them.
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.
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Source: The Sun
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