Crypto Crumbles. What China’s Ban Means for Digital Currencies.

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The Chinese government has been getting tougher on cryptocurrencies.

Rutmer Visser/Dreamstime

China’s latest crackdown on Bitcoin and other cryptocurrencies is fueling fears about how low prices can fall as they dig deeper into correction territory.

Bitcoin, Ethereum, and smaller coins tumbled Friday after the People’s Bank of China and other regulators said Friday all crypto-related transactions were illegal and must be banned. The statement, signed Sept. 15 by several government agencies, lays down a tough new regime, reinforcing a ban on mining, warning of stiff penalties for trading and financial transactions…

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