Corrected: Bitcoin drops after PBOC said cryptocurrencies are not legal tender

Published Sep 24 2021 at 10:48 AM GMT
  • Cryptocurrencies came under pressure on Friday after the People's Bank of China reportedly said digital currencies are not legal tender in the country.
  • "Virtual currency-related business activities are illegal financial activities," the People's Bank of China (PBOC) said in an online statement Friday, according to media reports.
  • The government will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people's properties and maintain economic, financial and social order," it said.
  • Bitcoin dropped over 3% and Ether dropped 7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
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  • Published Sep 24, 2021 10:48 AM GMT