News Snapshot:
China ’s central bank on Friday, Sept 24, declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern that cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks. Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes. “Virtual currency derivative transactions are all illegal financial...
