Why China is cracking down on cryptocurrencies

Twitter Telegram YouTube Image: Macau Photo Agency China's central bank said on Monday it had urged some banks and payment firms to crack down harder on cryptocurrency trading, in the latest move by Chinese authorities to stem the use of digital coins. The People's Bank of China's statement sent bitcoin tumbling to a two-week low and ether to a more than five-week low. On Tuesday, prices of major cryptocurrencies stabilised. What did the PBOC say? The PBOC statement followed a meeting with banks and payment firms in which it urged them to check client accounts thoroughly, identify those involved in…