BitCoin 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.
Related Posts:
BitsFlowCloud: Get a 2GB VPS in Germany for Just £8.40/YEAR! Asia-Optimized Network to China Availa...
Not So Fast, Tovarisch: Can a Westerner Legally Buy a Russian VPS?
JustHosting: Growth Story, Service Philosophy, and Future Vision — An Interview with Founder Anton P...
Exotic Locations: Where the Datacenters are, from a LowEnd Perspective
BLACK FRIDAY: Just Hosting Has Cheap VPS Offers in 38 Datacenters for You!
Check Out SoftShellWeb's New China-Optimized Network...and These Awesome Prices for a Cheap VPS!
raindog308 is a longtime community LETizen, technical writer, and self-described techno polymath. With deep roots in the *nix world, he has a passion for systems both modern and vintage, ranging from Unix, Perl, Python, and Golang to shell scripting and mainframe-era operating systems like MVS. He’s equally comfortable with relational database systems, having spent years working with Oracle, PostgreSQL, and MySQL.
As an avid user of LowEndBox providers, raindog308 runs an empire of LEBs, from tiny boxes for VPNs, to mid-sized instances for application hosting, and heavyweight servers for data storage and complex databases. He brings both technical rigor and real-world experience to every piece he writes.
Beyond the command line, raindog308 has a life-long love of German Shepherd Dogs, high-quality knives, target shooting, theology, tabletop RPGs, playing guitar, and hiking in deep, quiet forests.
His goal with every article is to help users, from beginners to seasoned sysadmins, get more value, performance, and enjoyment out of their infrastructure.
You can find him daily in the forums at LowEndTalk under the handle @raindog308.
good message
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.
Distrust news sources like…the New York Times, CNBC, Slate, Business Insider, pretty much every major news source?