Bitcoin, Ether drop after China central bank official repeats cryptocurrencies aren’t legal tender: report

Cryptocurrencies came under pressure on Friday after an official from the People’s Bank of China reportedly said digital currencies are not legal tender in the country. Deputy Director of the Financial Consumer Rights Protection Bureau, Yin Youping, said those assets have no actual value and the public should be wary and “protect their pocket,” according to a Google translation of those comments reported by People’s Daily Online. Bitcoin BTCUSD, -4.66% was last down nearly 3% to $42,795, while Ether ETHUSD, -8.05% was off nearly 8%. The official said the central bank would be blocking and cracking down on websites and apps related to cryptocurrencies. China has made several moves to crack down on the crypto industry this year.

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