Chinese banks step up cryptocurrency ban, Valuation down to $30,000
Beijing, Jun 24th, 2021: China's biggest banks promised to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban.
Regulators appear to worry that despite the 2013 ban on Chinese banks and other institutions handling cryptocurrencies, the state-run financial system might be indirectly exposed to risks.
After this announcement, Bitcoin's valuation falling below $30,000. Ethereum is more than 50% off its highs from early May. Many other crypto assets have fallen even further with a number of tokens down 70% to 90% in value.
Beijing also worries users might evade efforts to monitor and control the financial system.
The four major state-owned commercial banks and payment service ...