Post in Crypto

China’s central bank says all cryptocurrency-related activities are illegal, vows harsh crackdown China’s central bank renewed its tough talk on bitcoin Friday, calling all digital currency activities illegal and vowing to crack down on the market. In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges providing services in mainland China are also illegal, the PBOC said. The price of bitcoin sank over 6.5% in 24 hours, last trading at around $41,882, according to Coin Metrics data at midmorning Friday ET. Ethereum, the second-largest digital asset, fell 9% to around $2,867. It’s not the first time China has gotten tough on cryptocurrencies. Earlier this year, Beijing announced a crackdown on crypto mining, the energy-intensive process that verifies transactions and mints new units of currency. The PBOC is also working on its own digital currency. cnbc.com/2021/09/24/china.. #Crypto