China Bans Cryptocurrency Trading, Bitcoin and Ethereum Dive

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The People’s Bank of China (PBOC) banned cryptocurrency trading on Friday, declaring that all activities related to this type of asset –from payments and trading to advertising– are now illegal. Bitcoin and ethereum dived 8% and 11% on the announcement, respectively. Q2 2021 hedge fund letters, conferences and more Cryptocurrency Trading Banned“Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity,” the PBOC said, according to a CNBC translation. Reuters reports that the regulator’s move was rooted in the…

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