China has banned cryptocurrency-related transactions, calling them illegal
The People's Bank Of China said that it endangered the safety of public assets
Mining, exchanges and the provision of financial services have been banned. Nobody would be able utilise exchanges abroad to deal in crypto
As a response, Bitcoin tumbled 4.5% against the dollar in a year of intense crackdowns by China on the industry
cryptocurrency mining leaves a substantial environmental footprint, and this ban is partly attributed to China's climate goals
For more such explainers and fact-checks, click here to visit our website