News Snapshot:
The Chinese Central Bank ruled on Friday that all financial transactions involving cryptocurrencies were illegal, the latest in a series of decisions aimed at combating the phenomenon. The values of cryptocurrencies, including bitcoin, have fluctuated massively over the past year in part due to regulations in China, which seek to prevent speculation and money laundering. “Business activities related to virtual currencies are illegal financial activities,” the Chinese Central Bank (PBOC) said in an online statement. She added that offenders would be “investigated for criminal liability in accordance with the law.” Its ruling bans all financial activities involving cryptocurrencies, such as...
