China cracks down on crypto currencies

The price of Bitcoin took a tumble this week after China imposed fresh curbs on all crypto currencies.

Financial institutions and payment companies have been banned from providing transaction services for the currencies.

It has been illegal to trade cryptocurrencies in China since 2019, as the state tries to curb money laundering. However, people were still able to trade online, which was a worry for Beijing.

There is now pressure on western regulators to ‘get tough’ and follow suit, as they are looking to create their own digital currencies.