Bitcoin – China Bans Cryptocurrency Trading – Economy

China is increasing the pressure on the cryptocurrency industry. The country declared all cyber foreign exchange activities illegal on Friday and banned foreign crypto exchanges from providing any services to customers in China. Offenses would be punished severely. The government will resolutely take action against speculation with cryptocurrencies in order to protect citizens’ assets and the economic, financial and social order, the central bank said. At the same time, the government issued a nationwide ban on so-called crypto mining. Users make computer capacity available for checking and encrypting transactions. You will be rewarded for this in the respective crypto currency. China has so far been the main location of these “miners”. In the past few months, however, some provinces had banned this business, among other things with the extremely high energy consumption for the operation of the computer farms required for mining. The increased regulatory pressure in China sent the prices of the cryptocurrencies downhill. The two most important, Bitcoin and Ethereum, fell 5.5 percent to $ 42,239 and 10 percent to $ 2,840, respectively.