Inspire your team with powerhouse speakers, team building activities and unmatched networking opportunities 🎟️ Secure your discounted Group Tickets today →

This article was published on September 24, 2021

Bitcoin dives after China declares all crypto transactions illegal

Beijing's crackdown is intensifying

Bitcoin dives after China declares all crypto transactions illegal Image by: Nicolas Raymond

Did you know Hard Fork is taking the stage on Sept 30 and Oct 1? Together with an amazing line-up of experts, we will explore the future of crypto during TNW Conference 2021. Secure your ticket now!

Cryptocurrencies nosedived on Friday after China’s central bank declared that all crypto-related transactions are illegal and must be banned.

“Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said on its website (via Google Translate).

The bank added that digital currencies such as Bitcoin and Ethereum “are not legal and should not and cannot be used as currency in the market.”

The announcement caused cryptocurrencies to tumble. Bitcoin dipped by 6%, while Ether plummeted by 10%.

The ban is another major step in China’s war on crypto.

Chinese authorities have also recently banned banks and payment firms from providing crypto-related services and clamped down on crypto mining.

But the announcement that all crypto transactions are illegal may be the biggest threat yet to the industry’s future in China.

Get the TNW newsletter

Get the most important tech news in your inbox each week.

Also tagged with

Back to top