Cryptocurrency Banned: China will Banned the Cryptocurrency Mining

China has said to stop illegal activities in the name of trading of all virtual currencies including bitcoin. Also said that China would issue an order banning cryptocurrency mining. Along with this, all major cryptocurrencies including bitcoin recorded a huge dump on Friday.

China believes that these virtual currencies can cause financial crisis, so sanctions are necessary to reduce the risk associated with them. Several top government agencies, led by the Central Bank of China, issued a joint statement saying they would work together to crack down on speculative trading in cryptocurrencies.

The People’s Bank of China (PBOC) stated that cryptocurrencies cannot be allowed to circulate in the market like traditional currencies. The PBOC has also banned all financial institutions, payment companies and Internet firms from providing facilities related to cryptocurrency trading.

All currencies including cryptocurrencies crashed

The cryptocurrency market in a bearish mode as news of the crackdown on cryptocurrency mining emerged. The price of bitcoin fell by 3.86% to reach Rs 32,95,625. Similarly, the price of Ether, the world’s second largest cryptocurrency, fell by 6.96%.

 

Bitcoin: Low 3.86 % at Rs 32,95,625.

Ethereum: Low 6.96% at Rs 2,23,305.

Binance Coin: Low 6.56% at Rs 27,392.

Dogecoin: Low  5.61% at Rs 16.16.

XRP: Low 5.22% at Rs 72.79.

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