China Bans Cryptocurrencies, Market Shocks

Major cryptocurrencies in the market are trading at a drop of more than 5% after China announced on Friday that all virtual currency transactions on its soil are illegal, a move that some experts deemed a "dictatorship." The People's Bank of China published a statement on Friday making it clear that "cryptocurrencies are not legal tender" and declaring that transactions using virtual currency are "illegal" in order to "change the economic and financial system," which experts say they attribute to a measure of greater state control over the country. Population economy and finances. Regarding the reasons that prompted the Chinese…