China Declares Cryptocurrencies Illegal, Market Crashes

China Declares Cryptocurrencies Illegal, Market Crashes

From Beijing they affirm that these digital assets "alter the economic and financial order." How the news affected the prices. Read on!

From Beijing they affirm that these digital assets "alter the economic and financial order." How the news affected the prices. Read on!

The cryptocurrency ecosystem woke up this Friday in shock: China declared these digital assets illegal, news that hit the prices of Bitcoin and company hard, which suffered a sharp fall in the early hours of the day.

Is that Beijing issued a statement stating that "cryptocurrencies are not legal tender" and for this reason declares their transactions as "illegal" for "altering the economic and financial order."

The cryptocurrency ecosystem woke up this Friday in shock: China declared these digital assets illegal, news that hit the prices of Bitcoin and company hard, which suffered a sharp fall in the early hours of the day.

In addition, the Asian giant lists the "illegal and criminal activities" generated by "virtual currency transactions", which include: "money laundering, illegal fundraising, fraud, pyramid schemes and others."

These activities "seriously endanger" the property of citizens, according to the statement, where it refers to BTC and ethereum and other "virtual currencies issued by non-monetary authorities" and recalls that these digital assets do not have "the same status as the legal tender "and, for this reason," cannot circulate on the market as currency. "

These activities "seriously endanger" the property of citizens, according to the statement, where it refers to BTC and ethereum and other "virtual currencies issued by non-monetary authorities"

"The information is very recent. We have to see what is the real impact that this news can reach in the next few hours and how it will hit cryptocurrencies," a recognized expert from the local ecosystem explains to this medium, who awaits the reaction with expectations. which will keep the market for the next few days.

In addition, it highlights that "the statement of the Chinese banking regulatory body is, without a doubt, the strongest signal so far by that country to stop this digital resource."

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