China declares all crypto-currency transactions illegal

Mave

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China declares all crypto-currency transactions illegal

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China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.

"Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".

China is one of the world's largest crypto-currency markets.

Fluctuations there often impact the global price of crypto-currencies.

The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.

It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

Source and more: https://www.bbc.com/news/technology-58678907
 
This will have a suprisingly heavy impact on the phone scamming industry. A lot of those illicitly gained fortunes are laundered through Chinese bitcoin miners. I guess they'll just switch to non-chinese miners, but still. It'll cause a bit of a ruckus on the online markets for a few days.
 
This will have a suprisingly heavy impact on the phone scamming industry. A lot of those illicitly gained fortunes are laundered through Chinese bitcoin miners. I guess they'll just switch to non-chinese miners, but still. It'll cause a bit of a ruckus on the online markets for a few days.
Maybe the GPU prices will also finally drop.
 
Maybe the GPU prices will also finally drop.
Orrrrr... The entire binmining industry just moves to India. Or any other Asian country where they can do this stuff without problems.
 
Considering the situation in Ukraine right now, I think all the crypto wallets from the Russian Federation will be either banned, or they will have some insane losses.
Convince me you're not a bot.
 
I mean, the account was created way back in 2021... And I remember the name from the discord, I think?
We both dun goofed.
/ban
 

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The best part is, had he not linked it, but just mentioned it, I would've believed him to not be a bot.

But no, they gotta push hard, because they only want the gullible to fall for it. Man, those cryptoscams are disgusting.
 
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