Help Us Guide You Better
best online ias coaching in india

Download Pdf


Indian Economy

Bitcoin price slipped in trade from highs seen in early Friday after China's central bank said it would crack down on cryptocurrency trading, banning overseas exchanges from providing services to mainland investors. The world's largest cryptocurrency by market capitalization slipped around 5% at $42,810. 

The People's Bank of China also said it will bar financial institutions, payment companies and Internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of risks from such activities, as reported by Reuters.

Other digital tokens also followed the declining trend with ether, the coin linked to ethereum blockchain and the second largest crypto, falling 7% to $2,893, as per CoinDesk. Dogecoin prices also tumbled over 7% to $0.20.

China’s central bank said all cryptocurrency-related transactions are illegal, according to a Q&A statement on People's Bank of China's (PBOC) website. 

China has been tightening its crackdown on cryptocurrencies, and its efforts to restrain the trading and mining are adding to the wild moves in bitcoin and other markets, which are already down hard from records set earlier this year.

In May, Beijing said it will shut down cryptocurrency-mining activities because they consume massive amounts of electricity, often from coal-fired power plants, while the country pledged to manage its carbon emissions.

(With inputs from agencies)


This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Log in to our website to save your bookmarks. It'll just take a moment.

Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.

Your session has expired, please login again.

You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.

© Zuccess App by crackIAS.com