China's central bank has declared all transactions of crypto-currencies illegal, in effect banning digital tokens such as Bitcoin.

"Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".

This is a blow to independent digital “currencies”, as China is one of the world's largest crypto-currency markets.

Is Crypto a real currency?

It is certainly not a reliable and stable way to pay for things. The price of Bitcoin fell by more than $2,000 (£1,460) today following the Chinese announcement.

It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

The latest move follows a 2019 ban on trading crypto-currency, which has continued online through foreign exchanges.

China has warned of crackdowns on crypto this year.

In May, Chinese state intuitions warned buyers they have no protection for continuing to trade Bitcoin and other currencies online.

In June, it told banks and payment platforms to stop facilitating transactions and issued bans on "mining" the currencies - the trade of using power hungry computers to create new digital coins.

Friday's announcement is a stark warning yet that China wants to shut down crypto-currency trading in all its forms.

The statement clearly states that anyone involved in "illegal financial activities" are committing a criminal offence and will be prosecuted.

Even foreign websites providing such services to Chinese citizens online is also an illegal activity.

China already has its own digital version of the Yuan, and other central banks are set to follow in a bid to phase own cash and get a tighter grip on our money.

Will other governments eventually ban non-central bank currencies?

How digital coins are mined

The technology behind crypto-currencies, including the leading crypto Bitcoin, is linked on many distributed computers verifying and checking transactions on a giant shared ledger known as the blockchain.

New "coins" are randomly awarded to those who take part in this work - known as crypto "mining".

China, with its relatively low electricity costs and cheaper computer hardware, has become one of the world's main centres for mining activity.

Online gamers blame the mining industry for a global shortage of powerful graphics cards, which miners use for processing crypto-currencies.

Two years ago in September 2019, China accounted for 75% of the world's Bitcoin energy use, but by April 2021 it had dropped to just 46%.

Other money news

• Driverless trucks are here just in time to save us from the so-called driver shortage 
• UK government considering temporary working visas to solve ‘driver shortage’
• Fuel shortage in UK blamed on driver shortage as protestors block Dover port
• Seasonal Agricultural Workers Scheme working visa to be changed to save crops
• Stock market crash avoided as Evergrande comes to an arrangement with creditors
• Half UK mortgage borrowers remain in debt after retirement as living standards fall
• UK base interest rates held as Bank of England predicts 4% inflation and 2022 rate rise

New ‘world order’ is here – wake up!

The world of business has changed forever and unless you adapt your business will decline.

What can you do to take advantage of the changes rather than hoping things will go back to ‘normal’ again? They won’t.

The biggest revolution is the explosion in online trading and social media marketing.

Businesses which have adapted have boomed while others are no longer in business.

Can you make money on social media?

I notice that kids are very good at creating videos and posts on social media. Unlike me, they have grown up with IT and social media, but that doesn’t mean us oldies can’t get in on the act!

We can all learn to not only how to use social media, 

but also how to make money on social media…

"Stop Wasting Time On Social Media And Start Making Money Instead"

You can learn how to make money on social media from my mentor Paul O’Mahony, founder of the ReThink Academy, who has made millions online starting from nothing.

In this FREE webclass you're going to see:

• How to​ use the time you're already spending on the internet to build a digital business in your spare time.
• How to​ get a product to sell if you don't have one already and... how to get it for nothing.
• The exact strategy​ "he used to make my first million and quit my job permanently without a big budget, or any experience with social media."

You'll discover all this and more when you watch the webclass below.

I'M READY TO WATCH THE FREE TRAINING NOW!

WATCH THIS TRAINING IF:

• You own a business.
• You want to own a business without quitting your job yet.
• You are serious about building a profitable online business.
• You're tired of wasting time on social media and want to make money instead.
• "Stop Wasting Time On Social Media And Start Making Money Instead" (even if you lack time, resources, experience, or expertise).

I'M READY TO WATCH THE FREE TRAINING NOW!

CLICK HERE TO WATCH https://bit.ly/38rzLvZ

Spots Fill Up Fast - Limited Seats Available!

#socialmediamarketing #makemoneyonline #china #property #stockmarketcrash #bitcoin #cryptocurrencies