Bitcoin – China bans cryptocurrency trading – Economy

HomeEconomyCryptocurrenciesBitcoin24. September 2021, 6:54 p.m.

Bitcoin: China bans cryptocurrency trading

From Reuters, Shanghai / Frankfurt

China is increasing pressure on the cryptocurrency industry. The country on Friday declared all currency exchange activities illegal and banned foreign crypto exchanges from providing services to customers in China. Violations would be severely punished. The government will resolutely take action against cryptocurrency speculation to protect citizens’ assets and the economic, financial and social order, the central bank said. At the same time, the government has nationally banned what is known as crypto mining. Users provide computing capacity to verify and encrypt transactions. You will be rewarded for this in the respective cryptocurrency. China has so far been the main location for these “miners”. In recent months, however, some provinces had banned this activity, among other things with the extremely high energy consumption for the operation of computer farms necessary for mining. Increased regulatory pressure in China has driven cryptocurrency prices down. The two largest, Bitcoin and Ethereum, fell 5.5% to $ 42,239 and 10% to $ 2,840, respectively.

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