Live crypto prices – Hamster ‘Mr Goxx’ trading cryptocurrencies in rigged cages outperforms Bitcoin and S&P 500
The PBOC said it would “take firm action against virtual currency speculation and related financial activity and misconduct in order to protect people’s property and maintain economic, financial and social order”.
The trade in virtual currencies is “widespread, disrupts the economic and financial order, which leads to money laundering, illegal fundraising, fraud, pyramid schemes and other illegal and criminal activities”.
Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced back by a country’s central bank, making it difficult to regulate.
The crypto crackdown opens the gates for China to launch its own digital currency, which it is already working on and which will allow the central government to monitor transactions.