Crypto-currency transactions have now been deemed as illegal in China

Cyro-currencies such as Bitcoin and Ethereum have now been officially deemed as illegal within China. The People's Bank of China recently broke the news and noted that it "seriously endangers the safety of people's assets." Those using cryptocurrency within China will now be liable for prosecution for committing a crime, but it's unclear what the punishment might be.

Following this announcement, the value of crypto-currencies took quite a bump and fell by £1,460. This was due to the fact that China was such a major in the crypto-currency market even after it was officially banned in the country in 2019. Only time will tell how much this value will continue to fall in the months following the ban.

Thanks, BBC.