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 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
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.