Bitcoin Value Falls After China Declares Crypto-Currency Transactions Illegal


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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...