BEIJING (AP) — China’s central bank has declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. The central bank complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crime. Prices for Bitcoin and other digital currencies dropped after the announcement. Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. The People’s Bank of China is developing an electronic version of the country’s yuan for cashless transactions that can be tracked and controlled by Beijing.
China says all crypto transactions illegal; Bitcoin tumbles
