--- title: "China Orders Banks to Stop Handling Crypto, Bitcoin Plummets" description: "Chinese officials continued their crackdown on cryptocurrencies in the country, ordering banks to stop supporting any transactions involving crypto." date: "2021-06-22" modified: "2021-06-22" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/china-banks-stop-handling-crypto" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "china" - "cryptocurrencies" - "cryptocurrency" - "the digest" --- # China Orders Banks to Stop Handling Crypto, Bitcoin Plummets ![Chinese officials continued their crackdown on cryptocurrencies in the country, ordering banks to stop supporting any transactions involving crypto.]() *\Image: Futurism\* ## Crackdown Continued Things are not looking good for Bitcoin right now. Chinese officials continued their crackdown on cryptocurrencies this week, the [*BBC* reports](), ordering banks to stop supporting any transactions involving the digital currencies. Unsurprisingly, the value of Bitcoin slumped yet again in light of the news, dropping below $30,000 for the first time since early January — back when Donald Trump was still in office. That also means the price of the mainstream crypto has fallen by over 50 percent since hitting record highs above $63,000 in mid-April. It's yet another sign that China is serious about the supression of cryptocurrency activity within its borders — taking a huge chunk out of global enthusiasm for the tokens. ## Crypto Concerns China accounted for roughly 65 percent of global Bitcoin production last year, per the *BBC*, with a crackdown on cryptocurrency mining causing the token to stumble in recent months. Because of concerns over crypto mining's considerable carbon footprint, financial insecurity, and cryptocurrencies being used for illegal purposes, China's government is growing increasing wary of the tech. And that could spell bad news for the future of Bitcoin. While China won't be the end-all of cryptocurrencies, its rejection of crypto is already sending markets tumbling. When the slide Bitcoin is experiencing will end is still a big question mark. Investors are worried even stricter regulations from other parts of the world could be imminent, as the *BBC* reports — and that kind of hesitancy won't be doing Bitcoin any favors. **READ MORE:** [China tells banks to stop supporting cryptocurrency]() \[*BBC*\] **More on Bitcoin:** *[Elon Musk Says Tesla Will Accept Bitcoin Again, on One Condition]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()