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       #Post#: 84--------------------------------------------------
       China bans all crypto currency,deems transaction illegal
   DIR By: guest7
       Date: October 30, 2021, 8:55 am
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       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.
       Friday's notice complained Bitcoin, Ethereum and other
       digital currencies disrupt the financial system and are used in
       money-laundering and other crimes.
       "Virtual currency derivative transactions are all illegal
       financial activities and are strictly prohibited," the
       People's Bank of China said on its website.
       The price of Bitcoin fell more than 9 percent per cent, to
       US$41,085, in the hours after the announcement, as did most
       other crypto tokens. Ethereum skidded almost 10 per cent,
       falling from US$3100 to around US$2800.
       Chinese banks were banned from handling cryptocurrencies in
       2013, but the government issued a reminder this year. That
       reflected official concern cryptocurrency mining and trading
       might still be going on or the state-run financial system might
       be indirectly exposed to risks.
       Promoters of cryptocurrencies say they allow anonymity and
       flexibility, but Chinese regulators worry they might weaken the
       ruling Communist Party's control over the financial system
       and say they might help to conceal criminal activity.
       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.
       Regulators in other countries have increasingly warned that
       cryptocurrencies need greater oversight. In the US, Gary
       Gensler, the chairman of the Securities and Exchange Commission,
       has said that investors need more protection in the
       cryptocurrency market, which he called "rife with fraud, scams
       and abuse" and compared to the "Wild West."
       The SEC has won dozens of cases against crypto fraudsters, but
       Mr Gensler says the agency needs Congress to give it more
       authority and funding to adequately regulate the market.
       Regulators in China have also been trying to rein in
       cryptocurrency mining, an energy-intensive process whereby
       specialised computers generate digital currencies. As a result,
       miners have been moving operations out of China.
       Two years ago, China alone accounted for around three-quarters
       of all the electricity used for crypto mining, by far the most
       in the world, according to the Cambridge Bitcoin Electricity
       Consumption index. By April of this year, before the latest
       crackdown, China's share had fallen back to 46 per cent.
       That still towers over the No. 2 country, the United States, at
       less than 17 per cent.
       Remember to do it the DJ way, say no thanks I quit dot com
       Posted by astra
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