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Cryptocurrencies tumble as China bans all crypto-related transactions, mining
Updated: 2021-09-25 09:35:34 KST
China has declared a ban on all cryptocurrency transactions and mining.
On Friday, the People's Bank of China announced that all crypto-related activities would be considered illegal.
China's intensified crackdown comes in a bid to root out money laundering and fraud.
The move also comes as mining cryptocurrency requires intensive computer power, threatening the country's target to become carbon neutral by 2060.
The country had already begun its crackdown on Bitcoin in May, warning banks to stop related transactions.
Following the latest announcement, Bitcoin tumbled as much as 8-percent at one point to around 41-thousand U.S. dollars, and Ethereum fell nearly 10-percent to 2-thousand 8-hundred dollars.
Reporter :