China's Central Bank Says All Crypto-Related Transactions Are Illegal, Bitcoin Plunges 5 Percent

China's Central Bank Says All Crypto-Related Transactions Are Illegal, Bitcoin Plunges 5 Percent

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All business activities related to digital currencies are now also deemed illegal in China.

However, there is no ban on cryptocurrency ownership.

China's state planner also ramped up its clampdown on the cryptocurrency mining industry.

The Bitcoin price has shed 5% in meme minutes, dropping to an intraday low of $42,977 on the Bitstamp exchange.

This is a breaking news story. Stay tuned for updates.

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