China declares all crypto-currency transactions illegal


Resident Canadian
Dec 1, 2020
Canada's Ocean Playground

"Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".
China is one of the world's largest crypto-currency markets.
Fluctuations there often impact the global price of crypto-currencies.
The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.
It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

They've been cracking down on it little by little, but a total ban? That's going to hurt some folks. I wonder if this is some sort of retaliation for what's going on with Evergrande?
I was just checking on the Bitcoin price and it's only down about 3.5%.

That just goes to show me how worthless the whole thing is. Think about it: The single biggest market for Bitcoin says it is now illegal and it only drops 3.5%. Elon Musk tweets he's moving to Dogecoin and it drops 12.5% instantly.
I've always thought that shit was all a scam to begin with. None of it ever made any sense.