Bitcoin, Ethereum and other cryptocurrencies dipped in value on Friday after China declared all transactions involving these digital currencies 'illegal.'
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China's central bank, the People's Bank of China, issued a statement on Friday saying that use of these virtual currencies is disrupting economic order and linked to money laundering, fraud and other illicit activities. While Chinese financial institutions already were banned from doing business with cryptocurrencies, the new statement made clear that cryptocurrencies do not have the same status as legal tender and cannot be used as currency in the marketplace.
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