China declares all cryptocurrency transactions illegal, Bitcoin price plummets

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The People's Bank of China on its website wrote that all cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market....
What just happened? The Chinese government's long-running battle against crypto took a drastic turn earlier today when the country's central bank said all cryptocurrency-related transactions are illegal and must be banned. The announcement has seen the price of BTC plummet from $45,200 to $42,675 in the space of two hours.

Reuters reports that the PBOC will bar financial institutions, payment companies, and internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of risks from such activities. It also banned overseas exchanges from providing services to mainland investors in China via the…
Rob Thubron
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