China Declares All Crypto-Currency Transactions illegal.

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.

"Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".

China is one of the world's largest crypto-currency markets.

Fluctuations there often impact the global price of crypto-currencies.

The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.

It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

The Texas Chinese bitcoin gold rush

Bitcoin dives as China cracks down on crypto

Trading crypto-currency has officially been banned in China since 2019, but has continued online through foreign exchanges.
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John Amadi

Let NAIJA follow suit

John Amadi

I don't like cryptocurrency

Hathor Beth Akula

The time to buy if I had money! Cripto will stay the world has evolved a blow to US yes but it won't go anywhere

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