SHANGHAI—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.”…
Explainer: What Beijing’s New Crackdown Means for Crypto in China
May 19, 2021
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Bitcoin Slides Below $40,000 After China’s New Crypto Ban
LONDON—Bitcoin tumbled below the $40,000 mark on Wednesday to a three-and-a-half month low as selling in digital coins intensified after China banned financial and payment institutions from providing cryptocurrency services. Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but the news from…
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