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China Says Domestic Bitcoin Trading Plummets After Crackdown

March 4, 2022
Source: bnnbloomberg.ca bnnbloomberg.ca
News Snapshot:
(Bloomberg) -- China’s central bank said Thursday that Bitcoin transactions originating from the country have plummeted to 10% from 90% of the total worldwide. The decline is in part due to Beijing’s intensifying crackdown on cryptocurrency trading and mining over the last decade. The country banned trading in Bitcoin as early as 2013, and outlawed centralized crypto exchanges in 2017. The nation’s supreme court threatened those involved in fundraising through crypto sales with up to 10-year jail sentences last month. China used to be the world’s cryptocurrency hub. Major crypto exchanges such as Huobi were founded in China, while the...
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Tags: bank | Bank of China | bitcoin | blockchain | Bloomberg | China | court | crackdown | crypto | cryptocurrency | currency | finance | financial | fintech | illegal | international | online | prison | Russia | sales | Sanctions | Total | U.S. | virtual currency

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