{"id":1058430,"date":"2022-04-17T10:35:24","date_gmt":"2022-04-17T10:35:24","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/04\/17\/china-declares-all-crypto-currency-transactions-illegal\/"},"modified":"2022-04-17T10:35:24","modified_gmt":"2022-04-17T10:35:24","slug":"china-declares-all-crypto-currency-transactions-illegal","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/04\/17\/china-declares-all-crypto-currency-transactions-illegal\/","title":{"rendered":"China declares all crypto-currency transactions illegal"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"460\" class=\"entry-thumb\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/04\/image-64-696x460.png\"   alt=\"\" title=\"File photo: Bitcoin\"\/><figcaption class=\"wp-caption-text\">Bitcoin<\/figcaption><\/figure>\n<\/div>\n<p>China\u2019s central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.<\/p>\n<p>\u201cVirtual currency-related business activities are illegal financial activities,\u201d the People\u2019s Bank of China said, warning it \u201cseriously endangers the safety of people\u2019s assets\u201d.<\/p>\n<p>China is one of the world\u2019s largest crypto-currency markets.<\/p>\n<p>Fluctuations there often impact the global price of crypto-currencies.<\/p>\n<p><!-- \/22191989129,1002554\/MGL\/mgl_ado_atunwa_300x250 --><\/p>\n<p>The price of Bitcoin fell by more than $2,000 (\u00a31,460) in the wake of the Chinese announcement.<\/p>\n<p>It is the latest in China\u2019s national crackdown on what it sees as a volatile, speculative investment at best \u2013 and a way to launder money at worst.<\/p>\n<p>Trading crypto-currency has officially been banned in China since 2019, but has continued online through foreign exchanges.<\/p>\n<p>However, there has been a significant crackdown this year.<\/p>\n<p>In May,\u00a0Chinese state intuitions warned buyers\u00a0they would have no protection for continuing to trade Bitcoin and other currencies online, as government officials vowed to increase pressure on the industry.<\/p>\n<p>In June,\u00a0it told banks and payment platforms to stop facilitating transactions\u00a0and issued bans on \u201cmining\u201d the currencies \u2013 the trade of using powerful computers to make new coins.<\/p>\n<p><strong>MORE: <\/strong><\/p>\n<h2>Mining migration<\/h2>\n<p>The technology at the core of many crypto-currencies, including Bitcoin, relies on many distributed computers verifying and checking transactions on a giant shared ledger known as the blockchain.<\/p>\n<p>As a reward, new \u201ccoins\u201d are randomly awarded to those who take part in this work \u2013 known as crypto \u201cmining\u201d.<\/p>\n<p>China, with its relatively low electricity costs and cheaper computer hardware, has long been one of the world\u2019s main centres for mining.<\/p>\n<p>The activity is so popular there that gamers have sometimes blamed the industry for a global shortage of powerful graphics cards, which miners use for processing crypto-currencies.<\/p>\n<p>The Chinese crackdown has already hit the mining industry.<\/p>\n<p>In September 2019, China accounted for 75% of the world\u2019s Bitcoin energy use. By April 2021,\u00a0that had fallen to 46%.<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"hbRCaDIpsZc\"><iframe loading=\"lazy\" title=\"Caring for the Health of Inmates: Osamkrom prisons cries for drugs, infirmary for convicts (16-4-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/hbRCaDIpsZc?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin China\u2019s central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. \u201cVirtual currency-related business activities are illegal financial activities,\u201d the People\u2019s Bank of China said, warning it \u201cseriously endangers the safety of people\u2019s assets\u201d. China is one of the world\u2019s largest crypto-currency markets. Fluctuations there often [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1058431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[6871,5842,883,4981,2387],"class_list":["post-1058430","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-china","tag-cryptocurrency","tag-declares","tag-illegal","tag-transactions"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1058430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1058430"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1058430\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1058430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1058430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1058430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}