Bitcoin and Ethereum both fell sharply after the news.
according to Bloomberg News China’s central bank has stated that all crypto-related transactions are illegal and therefore should be banned.
This is the strongest indication that China will crack down on the industry.
Three of the largest cryptocurrencies fell sharply after the central bank statement.
Big Drop for Bitcoin and Cryptocurrency Market
The People’s Bank of China (PBOC) said on its website that all cryptocurrencies, including bitcoin and ether, are not fiat currencies and cannot be traded in the market.
Moreover, Bloomberg News wrote that the People’s Bank of China (PBOC) in this regard stated that all crypto-related transactions, including services provided by overseas exchanges to local residents, are illegal financial activities.
By noon, all major cryptocurrencies fell sharply.
- Bitcoin fell by 3.87%, to $4,2409.52.
- Ethereum shares fell as much as 8.12% to $2,871.96.
- Cordano shares fell 3.12 percent to $2.15.
Downturn in the Oslo Stock Exchange
Meanwhile, China’s Economic Planning Agency said that cracking down on cryptocurrency is an urgent task, and that the impact will be significant in achieving China’s carbon goals.
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