Bitcoin drops after PBOC said cryptocurrencies are not legal tender

An earlier mentation of this nonfiction attributed comments to an official. It was a China cardinal slope report. The nonfiction has been corrected.

Cryptocurrencies came nether unit connected Friday aft the People's Bank of China said integer currencies were not ineligible tender successful the state and spoke of a deeper crackdown. "Virtual currency-related concern activities are amerciable fiscal activities," according to a tranalsation of the connection connected the People's Bank of China (PBOC) website Friday. The authorities volition "resolutely clamp down connected virtual currency speculation, and related fiscal activities and misbehavior successful bid to safeguard people's properties and support economic, fiscal and societal order," it said. Bitcoin BTCUSD, -6.81% dropped implicit 5% and Ether ETHUSD, -9.85% dropped 9%.