Bitcoin and Co. under pressure – China: crypto transactions are illegal

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Many cryptocurrencies like Bitcoin came under significant pressure on Friday. The trigger was a message from the Chinese central bank, which was again critical of the Internet currencies. All transactions in connection with cryptocurrencies are illegal, according to a statement from the People’s Bank of China. This also includes foreign online services that enable the Chinese to access digital currencies. Whether the Chinese authorities are actually trying to track the decentralized payment flows of the cryptocurrencies and whether users can expect penalties remained open.

Numerous Internet currencies such as Bitcoin, Ether or Dogecoin fell significantly after the announcement was made. The Bitcoin price fell from around $ 45,000 to just over $ 41,000 today. Ether, the second largest crypto currency after Bitcoin, was also hit hard, falling by around seven percent to currently just under 2800 dollars. The market volume of the majority of all cryptocurrencies fell from around $ 2.0 trillion to around $ 1.84 trillion.

China’s critical stance towards private digital currencies is not new. The People’s Republic sees a problem in the high energy consumption of so-called mining. Authorities had turned off the electricity to several mining farms and triggered an exodus of miners to other countries. However, the Chinese leadership has long been striving for its own state-controlled digital currency. The digital yuan is considered to be well advanced and is already being tested in field trials.


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