China’s central bank calls cryptocurrency-tied deals illegal, bitcoin drops 4.5%: report

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The People’s Bank of China on Friday called cryptocurrency-tied deals in the country illegal, sending bitcoin shares about 4.5% percent lower, according to a report.

Bloomberg reported that the central bank posted on its website that all cryptocurrency-related transactions should be banned.

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The central bank said it will also take on illegal activities in trading and ban overseas exchanges from providing services to customers in the country, a Reuters report said. The ban will also reach into otherwise legal trading and will not allow financial companies and other overseas firms to facilitate these deals, the report said.

The Associated Press reported earlier this year that the Chinese central bank is developing an electronic version of the country’s yuan that could be tracked and controlled by Beijing.

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