News Snapshot:
Beijing (CNN Business)China is intensifying its crackdown on cryptocurrencies. Chinese government agencies including the country’s securities regulator and the People’s Bank of China (PBOC) said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to clamp down on illicit activities involving digital currencies.The agencies said that overseas crypto exchanges would be blocked from providing services to Chinese residents through the internet. Bitcoin ( XBT ) fell about 5% on the news. Ethereum, another leading cryptocurrency, was down 9%.The agencies said that China would develop “new systems” to counter risks posed by cryptocurrencies. China will gradually...
