Business
Bitcoin stumbles after China crypto warning – The Australian Financial Review
China’s central bank posted a note to its WeChat page, signalling yet another hurdle to be cleared and braking wider adoption of cryptocurrencies.
Financial and payments institutions are not allowed to price products or services with virtual currency, the note said.
Since 2017, Beijing has abolished initial coin offerings and clamped down on virtual currency trading within its borders, forcing many exchanges overseas. The country was once home to about 90 per cent of trades but the lions share of mining and major players have since fled abroad.
China has recently taken steps to issue its own digital yuan, seeking to replace cash and maintain…
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