Bitcoin, Ether drop after China central bank official repeats cryptocurrencies aren't legal tender

Published Sep 24 2021 at 9:55 AM GMT
  • Cryptocurrencies came under pressure on Friday after an official from the People's Bank of China reportedly said digital currencies are not legal tender in the country.
  • Deputy Director of the Financial Consumer Rights Protection Bureau, Yin Youping, said those assets have no actual value and the public should be wary and "protect their pocket," according to a Google translation of those comments reported by People's Daily Online.
  • Bitcoin was last down nearly 3% to $42,795, while Ether was off nearly 8%.
  • The official said the central bank would be blocking and cracking down on websites and apps related to cryptocurrencies.
  • China has made several moves to crack down on the crypto industry this year.



  • Published Sep 24, 2021 9:55 AM GMT