[BUSINESS] No more crypto currencies in China

[TheButcher]

Not that I have ever used them but this will impact a lot of people, especially the 1.4 billion people in China.



"BEIJING (AP) — China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.

Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks.

Friday's notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.

“Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website."


https://www.yahoo.com/news/china-declar ... 00655.html

[BrasSmonkey]

that's banks you can still use it. china has always been as dark as north korea. you want to see china? google red shirt protest sniper

[trafficseller]

It is good for the environment because all that mining is causing pollution.

[JamesNet]

"Sam Cooling
Fri, September 24, 2021, 6:27 AM·2 min read

A Bitcoin miner withdrew 1,366 BTC just seconds before China officially announced it would ban cryptocurrency, Coin Rivet can reveal.

Data shows someone was able to cash out $58m in crypto assets moments before Beijing issued its notice.

The miner withdrew 1,366 BTC prior to the announcement. It followed a previous withdrawal of 952 BTC."

How is that for timing dude


https://money.yahoo.com/miner-cashes-1- ... 12712.html

[jag]

Bitcoin will survive

[snapsuch]

Bitcoin is their main target, and it is going strong.

[urbanlegend]

How many times has it been China clamped down on cryptos now

[nudelinks]

Price has not tanked so it makes no difference to users

[misterporn]

Their loss crypto is the future

[AlexO]

Their loss crypto is the future

They will relax the rules down the road wait n see.

[TheButcher]

Their loss crypto is the future

They will relax the rules down the road wait n see.

Will not be the first time