News Snapshot:
China took a big step and declared all types of transactions done in Bitcoin and other such virtual currencies illegal. It has also started a campaign to ban the use of digital currency in an unauthorized manner. The central bank of the People’s Bank of China (PBC) said in the notice that ‘bitcoin, ethereum (the ethereum blockchain) and other digital currencies have disrupted the financial system. It is being used for money laundering and other crimes.’ Chinese banks banned the cryptocurrency in 2013, but the government issued a reminder letter this year. This suggests that there is concern at the...
