Enlarge / China has cracked down on bitcoin and other cryptocurrencies in a bid to limit capital outflows. (credit: Nuthawut Somsuk/iStock Editorial )
China’s crackdown on cryptocurrencies intensified today, with the country’s central bank announcing that all crypto-related transactions are illegal.
“There are usually legal risks for individuals and organizations participating in virtual currency and trading activities, ” the People’s Bank of China said in a statement jointly issued with nine other government bodies. Even Chinese nationals working overseas weren’t exempt, with the government saying that they, too, would be “investigated according to the particular law, ” according to a report in the Financial Times.
Bitcoin along with other cryptocurrencies dropped on the news. Currently, bitcoin was down 4. 5 percent at the time of publication, and ethereum was down 7. 5 percent.
Read 8 remaining paragraphs | Comments
