News Snapshot:
China’s central bank has described all financial transactions involving cryptocurrencies as illegal, sounding the death knell for digital currencies in China after a crackdown on the volatile trade. Recall that the global values of cryptocurrencies including Bitcoin have been unstable over the past year due to Chinese regulations, which have sought to prevent speculation and money laundering. The People’s Bank of China (PBOC) in an online statement Friday said, “virtual currency-related business activities are illegal financial activities,” offenders would be “investigated for criminal liability in accordance with the law.” China’s placement of ban on all related financial activities involving cryptocurrencies...
