Bitcoin unphased by China’s crypto ban

  • China’s central bank has again announced that all cryptocurrency transactions are now illegal, which effectively bans digital tokens like Bitcoin.
  • Trading cryptocurrency has been banned in China since 2019, although it continued through online foreign exchanges.
  • This is just the latest episode in the country’s ongoing crackdown on crypto, with the Chinese Communist Party issuing bans on mining cryptocurrencies in June.
  • Although Bitcoin experienced a dip in price immediately after the news broke to below $40,700, the world’s largest cryptocurrency by market cap took little time to bounce back.
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