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China Bans BitCoin and Other Cryptocurrencies

Tags: , , , Date/Time: September 24, 2021 @ 12:00 pm, by raindog308

BitCoinBitCoin is trading down as much as 8 percent as news breaks that China has banned BitCoin.

According to reports, China’s central bank has declared all financial transactions involving BitCoin illegal, citing “widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities.”

By June, China had already arrested more than 1,000 people who’d allegedly used criminal profits to buy cryptocurrency.

Stocks related to cryptocurrencies have also fallen.

I'm Andrew, techno polymath and long-time LowEndTalk community Moderator. My technical interests include all things Unix, perl, python, shell scripting, and relational database systems. I enjoy writing technical articles here on LowEndBox to help people get more out of their VPSes.

3 Comments

  1. zhang dawei:

    good message

    September 24, 2021 @ 8:11 pm | Reply
  2. naka moto:

    yeah about that. still using crypto here in Shenzhen. crypto mining has never been this popular in china. I would distrust news sources like this as they are not what is actually happening. there are numerous crypto exchanges in china and they are government supported. You can pay for near anything in crypto through wechat. The GPU shortage proves there is no ban. They are building more power stations specifically for mining.

    September 26, 2021 @ 2:13 am | Reply
    • raindog308:

      Distrust news sources like…the New York Times, CNBC, Slate, Business Insider, pretty much every major news source?

      September 27, 2021 @ 7:39 am | Reply

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