The Chinese government is cracking down on Bitcoin and other cryptocurrencies. In a big step forward in its anti-crypto plans, which started in May, the People's Bank of China has decided that crypto transactions are illegal and called for a formal ban of all Bitcoin and crypto-related transactions. The People's Bank of China says it's concerned about national security and the safety of residents' assets. Bloomberg reports that the country's bank says that cryptocurrency isn't a fiat currency, which means it isn't a government-issued currency and is not backed by a commodity. RELATED Why It’s Nearly Impossible to Make Money Mining Bitcoin China is also looking to root out the mining of digital assets . Chinese officials are targeting crypto because of its possible ties to fraud, money laundering, and excessive energy usage. The country has a very concentration of the world's crypto miners, which are using a considerable amount of energy. China is already facing a severe power crisis, and excessive mining isn't helping. As you might expect, the price of Bitcoin and other cryptocurrencies were harmed by the announcement, with Bitcoin falling about 8%, down to just over $41,000. It has since rebounded a little and is now selling for closer to $42,000, though…. Read full this story
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