News Snapshot:
China has effectively banned crypto. While the news should not come as any surprise as China has been tightening the regulatory vice for years now, statements by the People’s Bank of China indicate that any hope of crypto access is now dashed for consumers and businesses. The PBoC said that overseas virtual currency exchanges that use the internet to offer services to domestic residents are considered illegal financial activity. The news helped to push the price of just about all cryptocurrencies lower with Bitcoin dropping by around 5% and Ethereum sinking around 10%. In a public notice the PBoC stated:...
