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What the latest crackdown in Beijing means for cryptocurrency in China sandiegosun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sandiegosun.com Daily Mail and Mail on Sunday newspapers.
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Explainer: What Beijing s new crackdown means for crypto in China
Reuters | May 19, 2021 11:19 PM EDT
A small toy figurine is seen on representations of the Bitcoin virtual currency displayed in front of an image of China s flag in this illustration picture (Photo : REUTERS/Dado Ruvic/Illustration)
Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money.
Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that virtual currencies are not supported by any real value .
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