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Bitcoin Prices Drop as China Extends Ban on Crypto

CryptocurrencyAug 30, 2018 12:51AM ET
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© Reuters. Bitcoin and other major digital coins prices dropped on Thursday - Bitcoin and other major digital coins prices dropped on Thursday as China extended its ban on the cryptocurrency industry to Guangzhou, where commercial venues were banned from hosting crypto-related events.

Bitcoin edged down by 0.34% to $7,012.8 at 12:55AM ET (04:55 GMT) on the Bitifinex exchange.

Ethereum fell by 2.15% to a trading price of $286.08 on the Bitifinex exchange.

XRP traded at $0.34019, down by 1.4% in the last 24 hours on the Poloniex exchange, while Litecoin went down 2.31% to $60.86 on the Bitifinex exchange.

The Chinese government continued the crackdown on digital assets by banning all crypto-promotion activities in Guangzhou. The news came after China-based multinational technology giant Baidu was told to shut down crypto-related online chat rooms earlier this week.

According to a statement by the Guangzhou Development District, the ban was the regulator’s latest attempt to protect the financial interests of the public, as the Chinese government remain determined to ensure the legal status of the yuan, prevent money laundering and maintain the stability of the financial system.

Beijing has started the clampdown on the crypto industry since last September, including banning hotels in Beijing from holding crypto events. Major social media platform WeChat blocked several crypto and blockchain-related accounts in August, while internet giant Tencent announced it no longer allowed crypto trading on its platform. E-commerce firm Alibaba (NYSE:BABA) also said it would restrict or ban accounts that engage in crypto trading.

In other news, reports said Russia regulators are considering to categorize unauthorized cryptocurrency ventures as criminal activities. Earlier this year, President Vladimir Putin said that the central bank would not accept any digital coin offering that is not supported by a fiat currency.

BBC reported that the Russian Federal Financial Monitoring Service is looking to track cryptocurrency transactions, especially in Bitcoin, in view of fraud schemes, money laundering and terrorism funding.

“Due to anonymity and the inability to find correct sources of transactions, cryptocurrencies are used in gray areas…Lawmakers in many countries are concerned about this phenomenon which was confirmed by the analysis that we conducted on behalf of the president,” Putin’s former adviser German Klimenko told BBC.

Bitcoin Prices Drop as China Extends Ban on Crypto

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