Friday, May 21, 2021

Bitcoin Falls After China Calls for Crackdown

Bitcoin’s price is down Friday following an intensified call from Chinese authorities to crack down on mining and trading of the cryptocurrency, reports CNBC.

In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.

The statement, released overnight, said it is necessary to “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”

China’s tough talk comes just a day after U.S. officials pledged to get tough on those using bitcoin to conduct “illegal activity broadly including tax evasion.”


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