The world’s most popular cryptocurrencies took it on the chin Monday after the Chinese government continued its regulatory crackdown on bitcoin miners and companies that provide payment services for crypto-related transactions.
The People’s Bank of China said in a notice Monday that “virtual currency trading activities disrupt the normal economic and financial orders, breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, and seriously infringe the people’s property safety.”
The central bank’s statement came a day after the regional Chinese government in Sichuan announced it would close more than two dozen suspected cryptocurrency-mining operations in the hydroelectricity-rich region.
The dollar price of bitcoin
tumbled roughly 11% early Monday morning before paring those losses slightly. Ether