Headline Roundup • September 24th, 2021
Bitcoin Prices Fall After China Bans Cryptocurrency Transactions
Summary from the AllSides News Team
Prices of popular cryptocurrencies like Bitcoin and Ethereum dropped on Friday after China’s central bank banned all cryptocurrency transactions. In addition to a joint statement by 11 Chinese government agencies against “illegal” cryptocurrency mining, the People’s Bank of China said virtual currency services like trading, order matching, token issuance, derivatives and overseas currency exchanges were illegal. The change comes amidst a debt crisis at Evergrande, one of China’s largest property developers, which some investors worry could be China’s “Lehman Brothers moment.”
Coverage was mostly balanced on all sides and more common in center-rated and business-focused outlets.
Featured Coverage of this Story
Agence France-Presse — Getty Images
China intensified its crackdown on cryptocurrency on Friday, declaring all financial transactions involving cryptocurrencies illegal and issuing a nationwide ban on cryptocurrency mining, the power-hungry process in which vast computer networks compete for newly created crypto tokens.
Bitcoin, the world’s largest cryptocurrency, dropped as much as 7 percent, to around $41,100, on the news, but recovered somewhat as the day went on.
Budrul Chukrut | SOPA Images | LightRocket | Getty Images
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.
“Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity,” the central bank said, according to...
China has declared all cryptocurrency transactions illegal, a move that comes amid an intensifying crackdown by the Chinese government.
The People’s Bank of China said on Friday that the move was done to ensure national security and stability, but the decision comes after several other regulatory changes in recent months that China hopes will cut down on its competition with the digital tokens.
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