Bitcoin Value Falls After China Declares Crypto-Currency Transactions Illegal

The value of Bitcon has declined sharply, following China's central bank announcement on Friday, September 24, that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin and ethereum in the country, Newspremises reports. China is said to be one of the world's largest crypto-currency markets and 95 percent of crypto mining occurs in the Asian country. "Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets". After the announcement, the price of Bitcoin fell by more than $2,000. This is said to be…