CHINA has announced a complete ban on all cryptocurrency - Dispatch Weekly

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September 24, 2021 - Reading time: 2 minutes

Cryptocurrency price crash fears as China announces complete ban on digital assets.
Bitcoin’s price is on a steady decline toward $40,000 Friday after approaching $45,000 Thursday, continuing a downward trend in recent weeks.

Cryptocurrency price crash fears as China announces complete ban on digital assets
CHINA has announced a complete ban on all cryptocurrency related financial transactions, sparking fears about the value of multiple virtual currencies.

A notice posted on the Chinese central bank website said it is now illegal for anyone in China to purchase cryptocurrencies from abroad. Cryptocurrency mining and providing support to crypto businesses has also been made against the law.

Beijing is attempting to stave off capital flight, amidst fears that the massive Evergrande Real Estate Group could collapse.

Earlier this year Cambridge University academics estimated 65 percent of the world’s Bitcoin mining takes place in China.

In a statement the central People’s Bank of China (PBoC) said: “Virtual currency-related business activities are illegal financial activities.”

They claimed this “seriously endangers the safety of people’s assets”.

CHINA has announced a complete ban on all cryptocurrency related financial transactions, sparking fears about the value of multiple virtual currencies.

The sudden drop follows a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptocurrencies illegal in the country. Since topping $52,000 on Monday, Sept. 6, Bitcoin’s price has hovered around $45,000 ever since, struggling to get back above $50,000

Before the recent downturn, Bitcoin had mostly been on the rise following a drop under $30,000 in July.

Bitcoin hit a high of more than $60,000 in April, and the recent movement highlights the cryptocurrency’s volatility in a time when more and more people are interested in getting in on the action. In the weeks between the most recent July low point and its high points earlier this month, Bitcoin had risen steadily, with several daily highs above $50,000. Again, Bitcoin is very volatile, so these ups and downs are par for the course.

DW Staff

David Lintott is the Editor-in-Chief, leading our team of talented freelance journalists. He specializes in covering culture, sport, and society. Originally from the decaying seaside town of Eastbourne, he attributes his insightful world-weariness to his roots in this unique setting.

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