On Friday, 24 september, many cryptocurrencies have come under significant pressure. The trigger was a message from the Chinese central bank, which again criticized Bitcoin and Co.. According to the statement, distributed by the People's Bank of China, All Transactions, directly or indirectly related to cryptocurrencies, are declared illegal and subject to a complete ban. Foreign online services, which allow the Chinese to access digital currencies, were also declared banned.

Significant losses

Numerous cryptocurrencies, such as bitcoin, ether or dogcoin, after that, how this announcement was made public dropped significantly in value. The price of bitcoins flew from 45000 dollars to 42500 dollars. Ether, the second largest digital currency in terms of volume and value after bitcoin, suffered more, falling by about seven percent – to a little less 2900 dollars. Market size of all 12000 cryptocurrencies fell from 2,0 to 1,9 trillion dollars.

Focus on energy consumption

China's critical stance on private digital currencies is not new. People's Republic of China sees a problem in the high energy consumption of the so-called mining, that is, the process of digital production of cryptocurrency values.

But, despite China's critical arrows, Chinese leadership has long sought its own digital currency, state-controlled. The digital yuan is considered a well-advanced crypto product and is already undergoing "field trials".