All acts related to cryptocurrencies are illegal. The Chinese central bank has stated this and the value of bitcoin and co tumbled down.
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Owning and trading crypto coins has been banned in China for some time, but according to the People’s Bank of China (PBOC), foreign companies are also not allowed to carry out crypto transactions for Chinese people. It will ban institutions, payment processors and internet companies from allowing the trading of cryptocurrencies such as bitcoin. The bank wants to monitor this more closely.
The announcement of the ban caused a fall in the price of major digital currencies, such as bitcoin. It yielded 7 percent in the direction of $41,000 each. Other coins such as Ether and Litecoin lost more than 10 percent.
Digitale yuan
China makes been on the hunt for crypto miners for some time. These are small companies that solve a set of mathematical problems with fast computers to process payments in crypto coins. The Chinese government has been critical of virtual currencies for some time, for example by high energy consumption at the minen of the coins. At the same time, Beijing is currently putting a digital yuan in the pipeline.
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