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Cryptocurrencies


CHINA WIDENS BAN ON CRYPTO TRANSACTIONS; BITCOIN TUMBLES

Bloomberg News
September 24, 2021, 9:40 AM GMT Updated on September 24, 2021, 1:16 PM GMT
 * China’s central bank says crypto transactions are illegal
 * Officials vow to root out illegal mining of digital assets

WATCH: Digital tokens tumbled as China intensified its push to rein in crypto
speculation and mining. 


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2:51


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Follow @crypto Twitter for the latest news.

China banned on all crypto transactions and vowed to root out mining of digital
assets, delivering the toughest blow yet to the industry. 

Crypto-related transactions will be considered illicit financial activity,
including services provided by off-shore exchanges, the People’s Bank of China
said on its website. It added that cryptocurrencies, including Bitcoin and
Tether, are not fiat currency and cannot be circulated.  




Bitcoin slumped in the wake of the announcement, falling 8% to about $41,000 as
of 9 a.m. in New York. 



QuickTake: How China Keeps Rattling Crypto Markets



Chinese officials are going further to stamp out crypto trading for its ties to
fraud, money laundering and excessive energy usage. China already has rules that
bar banks from offering crypto-related services. To get around such rules,
traders have moved to over-the-counter platforms and offshore exchanges.

“China’s ban on all cryptocurrency trading activity will have some short-term
impact on the currency’s valuation, but long-term implications are likely to be
muted,” said Ganesh Viswanath Natraj, an assistant professor of finance at
Warwick Business School. 

While there are probably still Chinese onshore speculators, activity has already
shifted out of the country over the years, said Clara Medalie, the research lead
at data provider Kaiko.


 
 

China Said to Intensify Hunt for Cryptocurrency Miners in Hiding




Crypto mining’s massive energy consumption is also part of the reason the
industry is coming under scruntiny. In a separate statement, China’s economic
planning agency said it’s an urgent task to root out crypto mining and the
crackdown is important to meet carbon goals.

China is facing a severe power crisis that’s already roiled commodities from
aluminum to steel, and several industries have seen their power supplies curbed
in the last few weeks. 

The country is home to a large concentration of the world’s crypto miners and as
recently as April had a 46% share of the global hash rate, a measure of
computing power used in mining and processing, according to the Cambridge
Bitcoin Electricity Consumption Index.

“The Chinese regulators have always been extreme in their views and these
comments are not new,” said Vijay Ayyar, head of Asia Pacific with
cryptocurrency exchange Luno in Singapore. 



“The interesting part is also why they continue making these statements. Its
probably because they sense continued unabated activity in China and hence
having to go on an overdrive,” he added. 



 

How China Rivals Elon Musk in Rattling Crypto Markets: QuickTake

China’s renewed crackdown against crypto mining and trading activity started in
May. That was the first time top officials had singled out crypto mining at the
national level since dropping it in 2019 from a proposed list of dirty
industries to be eliminated. 



The move caused a collapse in crypto prices, with Bitcoin losing about half its
value between April and July this year. While the market has since recovered
some ground, it’s still far below the all-time high of $63,000. 



— With assistance by Allen K Wan, Li Liu, Jun Luo, Eric Lam, Justina Lee, and
Joanna Ossinger

(Updates with context on China’s previous crypto regulation)


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