The prices of Cryptocurrencies have continued to tumble after Chinese authorities on Friday said it would crack down bitcoin mining and trading activities as part of efforts to fend off financial risks and protect the financial system.
The State Council’s Financial Stability and Development Committee Chaired by Vice Premier Liu He in a statement released late Friday in China, said it is necessary to “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”
This is coming three days after China banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
Bitcoin fell on Friday more than 10% just over $35,000 at one point. Binance Coin fell below $300 losing over 20%. Ethereum, Dogecoin and XRP were down 18.6%, 17% and 19.5% respectively.
China’s tough talk comes just a day after U.S. officials pledged to get tough on those using bitcoin to conduct “illegal activity broadly including tax evasion.” The Treasury Department said it will require reporting on crypto transfers of more than $10,000, just as with cash.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.