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Cryptocurrencies Slump as China’s Central Bank says all cryptocurrency-related transactions are illegal

People’s Bank of China cryptocurrency

Cryptocurrencies are under severe selling pressure after China’s Central Bank says all cryptocurrency transactions are illegal.

According to an announcement in its website the People’s Bank of China (PBOC) says that all cryptocurrencies, including bitcoin, ethereum and tether, are not fiat currencies and cannot be circulated on the market. China Central Bank also says that overseas Cryptocurrency exchanges must not provide services to mainland investors

On the news Bitcoin is down 4.61% at 42573, Ethereum is down 7.92% at 2890, litecoin is giving up 8.08% at 150.67 while Ripple is 7.66% lower at 0.9240.

The History of Chinese Cryptocurrencies bans

On December 6, 2013, China banned bitcoin and the price of BTC lost almost half of its value from $1200 to $800.

On June 20, 2021, China banned almost 90% of the miners.

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