A statement summarizing a meeting of a top Chinese governmental body—and chaired by Vice-Premier Liu He—called for a crackdown on Bitcoin mining and trading in an effort to curb financial risks. (The Logic)
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A statement summarizing a meeting of a top Chinese governmental body—and chaired by Vice-Premier Liu He—called for a crackdown on Bitcoin mining and trading in an effort to curb financial risks. (The Logic)
Talking point: This is the second statement from China in a week warning about the risks of Bitcoin. A crackdown on cryptocurrency mining in the country would have significant repercussions, with some estimating Chinese miners are responsible for 70 per cent of the supply of digital assets. The price of Bitcoin fell following today’s announcement, from a high of US$41,525 just after 10 a.m. ET to a low of US$36,309. Tuesday’s statement, among other factors, prompted a broader selloff among cryptocurrencies earlier this week. Tighter regulations might be coming in the U.S., as well, with the U.S. Treasury Department announcing it will require any cryptocurrency transfer of more than US$10,000 to be reported to the IRS.
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