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Bitcoin Drops as China Declares Crypto-Businesses Illegal By CoinQuora

by Mike Robinson

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© Reuters. Bitcoin Drops as China Declares Crypto-Businesses Illegal
  • China declared that cryptocurrency-related businesses are illegal
  • , Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. The central bank stated that they could not be used in the cryptocurrency market.

All crypto-related business were also deemed illegal by the central bank. The central bank also deemed all crypto-related businesses illegal, including overseas exchanges that serve Chinese residents and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This is a pattern that has always occurred when China FUD emerges.

China has reiterated its stand on crypto trading and mining during the Digital test. The PBOC stated that it would continue to exert regulatory pressure on the crypto trading sector.

Despite the negative ne…

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