China bans all forms of crypto trading and mining

FILE PHOTO: A small toy figurine is seen on representations of the Bitcoin virtual currency displayed in front of an image of China’s flag in this illustration picture, April 9, 2019. REUTERS/Dado Ruvic/Illustration

In a joint statement, ten Chinese Government agencies and banking, securities and foreign exchange regulators said that they would work closely to maintain high pressure on cryptocurrency trading. They are going to issue a nationwide ban on the trading of Bitcoin and other Altcoins, including Cryptocurrency mining.

The People’s Bank of China said cryptocurrencies must not operate in markets like traditional currencies and that overseas exchanges are barred from providing mainland investors via the internet.

It also said, “it will stop all companies from facilitating cryptocurrency trading and will strengthen monitoring of risks from such activities.”

Bitcoin fell almost 3% on this news, along with other cryptocurrencies. Ethereum was down 6.5%, Cardano was down 2.2% and Solana was down by 7%.

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