The value of Bitcon has declined sharply, following China's central bank announcement on Friday, September 24, that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin and ethereum in the country, Newspremises reports.

China is said to be one of the world's largest crypto-currency markets and 95 percent of crypto mining occurs in the Asian country.

"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".

After the announcement, the price of Bitcoin fell by more than $2,000.

This is said to be latest in China's national crackdown on what it sees as a way to launder money and a speculative investment.

Although crypto-currency trading was officially banned in the Country in 2019, it continued online through foreign exchanges.

Newspremises recalls that, in May 2021, Chinese state intuitions warned buyers they would have no protection for continuing to trade Bitcoin and other virtual currencies, as government officials vowed to increase pressure on the industry.

Then in June, it told banks and payment platforms to stop facilitating transactions and issued bans on "mining" the currencies - the trade of using powerful computers to make new coins. In September 2019, China accounted for 75% of the world's Bitcoin energy use. By April 2021, that had fallen to 46%.

Following their announcement on Friday, it is now clear that those who are involved in "illegal financial activities" are committing a crime and would be prosecuted, in China.

The statement also added that foreign websites providing such services to Chinese nationals online is also an illegal activity.

Source: https://newspremises.com.ng/bitcoin-value-falls-drastically-after-china-declares-all-crypto-currency-transactions-illegal/

This is serious o

Na wá o

tahir01:
This is serious o

Chinko on the Move

Ok

4

Nairaland.com Rule 16.

Emphasis on Word in red.......

All na for them to buy cheap.
No ritual money like crypto. The thing sweet pass. Short from $45k to $40k, money don plenty.

Nonsense!
Bitcoin dropped from 52k to 43k weeks before China news! I was even expecting it to drop below this, but guess everyone is getting use to this repeated manipulative China news! Anytime china ban bitcoin, know something big about bitcoin is coming!

Damnnn niggar
Isoright...

No one can stop bitcoin.....it has come to stay like a real moda fuckker

Okay

Best time to invest on crypto

Chai, this year isn't just good atall for Bitcoin

The whole of China becomes confused when making Cryptocurrency based decisions.

Na everyday dem dey ban Bitcoin..

They can't kill BTC. That nigha get Strong head. Baba still dey above 40k even after the ban. I them think say e go down go 30k but nigga no gree fall

The end of a era is coming

Other countries might do the same

China no get chill

To avoid story that touches the heart, people should do the needful ASAP.

How many times China dey repeat this statement?

Just ban all your citizens from trading crypto once for all.

The other people need to trade in peace

How many times China go declare crypto illegal, abegi

Wahala no dey finnish

Chai

Cryptocurrency is extremely volatile and it's annoying. More and more Wall Street's institutional investors have to step in to save the currency...else Elon Musk and his gang of moneybags will just wreck the industry.

This is fcking huge

Regular news

Na dem go tire na everyday dem dey ban am...


Abeg alll doz Chinese trader should du us some Cryptoo Giveaway abg since iz illegal in dere country....

who dey buy btc when there r coins to make profits off like COTI , DF , CELR, DODO...look out for potential gaining coins and take profit in hours.