eNewMexican

China makes cryptocurrency illegal as it tests own form of digital cash

China intensified its crackdown on cryptocurrency Friday, declaring all financial transactions involving cryptocurrencies illegal and issuing a nationwide ban on cryptocurrency mining, the power-hungry process in which vast computer networks compete for newly created crypto tokens.

Bitcoin, the world’s largest cryptocurrency, dropped as much as 7 percent, to around $41,100, on the news but recovered somewhat as the day went on.

The clampdown in China comes as the country’s central bank has been testing its own digital currency, the electronic Chinese yuan. A notice posted by the central bank explicitly called out Bitcoin and Ether, the two most popular cryptocurrencies, for being issued by “nonmonetary authorities.”

NATION & WORLD

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2021-09-25T07:00:00.0000000Z

2021-09-25T07:00:00.0000000Z

https://enewmexican.com/article/281565178909807

Santa Fe New Mexican