News Snapshot:
Majorly unfortunate news has hit the cryptocurrency world today as China has taken a firm stance on use of digital currencies. The People’s Bank of China has made all cryptocurrency transactions illegal, essentially banning cryptocurrency transactions in the country, as well as foreign services engaging in use of cryptocurrencies with Chinese citizens. Bitcoin and other cryptocurrencies saw a notable drop in valuation following the announcement. The People’s Bank of China made the short, but impactful announcement on its website in the wee hours of September 24, 2021. According to the announcement (roughly translated), the state-backed financial institution has echoed the...
