comScore
Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ Markets / Cryptocurrency/  China intensifies crackdown on crypto trading; Bitcoin, ether, dogecoin fall
Back

China intensifies crackdown on crypto trading; Bitcoin, ether, dogecoin fall

China’s central bank said all cryptocurrency-related transactions are illegal, according to a Q&A statement on People's Bank of China's (PBOC) website

Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. REUTERS/Dado Ruvic/Illustration (REUTERS)Premium
Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. REUTERS/Dado Ruvic/Illustration (REUTERS)

Bitcoin price slipped in trade from highs seen in early Friday after China's central bank said it would crack down on cryptocurrency trading, banning overseas exchanges from providing services to mainland investors. The world's largest cryptocurrency by market capitalization slipped around 5% at $42,810. 

The People's Bank of China also said it will bar financial institutions, payment companies and Internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of risks from such activities, as reported by Reuters.

Other digital tokens also followed the declining trend with ether, the coin linked to ethereum blockchain and the second largest crypto, falling 7% to $2,893, as per CoinDesk. Dogecoin prices also tumbled over 7% to $0.20.

China’s central bank said all cryptocurrency-related transactions are illegal, according to a Q&A statement on People's Bank of China's (PBOC) website. 

China has been tightening its crackdown on cryptocurrencies, and its efforts to restrain the trading and mining are adding to the wild moves in bitcoin and other markets, which are already down hard from records set earlier this year.

In May, Beijing said it will shut down cryptocurrency-mining activities because they consume massive amounts of electricity, often from coal-fired power plants, while the country pledged to manage its carbon emissions.

(With inputs from agencies)

 

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 24 Sep 2021, 04:30 PM IST
Next Story
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App