THE NEW YORK TIMES: China intensified its crackdown on cryptocurrency on Friday, calling all financial transactions involving cryptocurrencies illegal and issuing a nationwide ban on cryptocurrency mining.
In a joint statement by 11 Chinese government entities, authorities vowed to work closely to punish “illegal” crypto mining activities to help prevent the “hidden risks caused by the blind and disorderly development” of the industry and to help the country achieve its carbon reduction goals.
China’s central bank announced that services offering trading, order matching, token issuance and derivatives for virtual currencies would be strictly prohibited. The bank also said that overseas crypto exchanges providing services in mainland China were also illegal.
Less than three hours after the notice was posted by China’s central bank, Bitcoin, the world’s largest cryptocurrency, had dropped by about 7 percent, to around $41,100. » | Amy Qin | Friday, September 24, 2021
