The most extreme intervention from the People’s Bank of China, amid an ongoing crackdown on bitcoin and other digital currencies in the country. After having enjoyed a mostly positive day until the announcement, the value of cryptocurrencies dropped immediately after the news was announced. Bitcoin fell almost 6 per cent in an hour . The statement says that : any business activities using digital currencies are illegal. Pointing to digital currencies such as Bitcoin, Ethereum and Tedacoin, it says that all crypto is not “legal compensation and should not and cannot be used in the market as money. Is china discouraging new innovations ?