Bitcoin and its kind not welcome in China


Source: arkansasonline.com arkansasonline.com

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China intensified its crackdown on cryptocurrency Friday, declaring all financial transactions involving cryptocurrencies illegal and issuing a nationwide ban on cryptocurrency mining, the energy-hungry process in which vast computer networks compete for newly created crypto tokens. Bitcoin, the world's largest cryptocurrency, dropped 4% on the news, to around $43,000 Friday. The clampdown comes as China's central bank has been testing its own digital currency, the electronic Chinese yuan. A notice posted by the central bank explicitly called out Bitcoin and Ether, the two most popular cryptocurrencies, for being issued by "nonmonetary authorities." George Selgin, an economist and senior fellow at...