- Source: CNNBusiness " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/210618145039-crypto.jpg?q=x_4,y_166,h_2225,w_3954,c_crop/h_540,w_960" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/210618145039-crypto.jpg?q=x_4,y_166,h_2225,w_3954,c_crop/h_540,w_960" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2021-09-24T13:55:07Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2021/09/24/china-cryptocurrency-crackdown-transactions.cnnbusiness" data-branding-key="" data-video-slug="china cryptocurrency crackdown transactions" data-first-publish-slug="china cryptocurrency crackdown transactions" data-video-tags="asia,business, economy and trade,china,clare sebastian,continents and regions,currencies,digital currencies,east asia,economy and economic indicators,misc people,money, banknotes and coins" data-details="">
The photo shows physical imitations of cryptocurrency in Dortmund, western Germany, on January 27, 2020. (Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)
China's cryptocurrency crackdown intensifies
02:52 - Source: CNNBusiness
Cryptocurrency, Blockchain and NFTs 16 videos
- Source: CNNBusiness " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/210618145039-crypto.jpg?q=x_4,y_166,h_2225,w_3954,c_crop/h_540,w_960" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/210618145039-crypto.jpg?q=x_4,y_166,h_2225,w_3954,c_crop/h_540,w_960" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2021-09-24T13:55:07Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2021/09/24/china-cryptocurrency-crackdown-transactions.cnnbusiness" data-branding-key="" data-video-slug="china cryptocurrency crackdown transactions" data-first-publish-slug="china cryptocurrency crackdown transactions" data-video-tags="asia,business, economy and trade,china,clare sebastian,continents and regions,currencies,digital currencies,east asia,economy and economic indicators,misc people,money, banknotes and coins" data-details="">
The photo shows physical imitations of cryptocurrency in Dortmund, western Germany, on January 27, 2020. (Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)
China's cryptocurrency crackdown intensifies
02:52
Now playing
- Source: CNNBusiness
- Source: CNN Business " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220817140516-binance-markets-now.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220817140516-binance-markets-now.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-08-17T18:22:34Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/08/17/binance-ceo-regulation-on-crypto-industry-markets-now-orig.cnn-business" data-branding-key="markets-now" data-video-slug="Binance CEO regulation on crypto industry markets now orig" data-first-publish-slug="Binance CEO regulation on crypto industry markets now orig" data-video-tags="" data-details="">
Binance Markets Now
Binance CEO: Regulation helps crypto credibility, but it's not 'a magical pill'
01:21
Now playing
- Source: CNN Business
- Source: CNN Business " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220707174528-nightcap-crypto-sam-bankman-fried-16x9.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220707174528-nightcap-crypto-sam-bankman-fried-16x9.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-07-07T20:09:22Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/07/07/nightcap-sam-bankman-fried-crypto-clip-orig.cnn-business" data-branding-key="nightcap" data-video-slug="nightcap sam bankman fried crypto clip orig" data-first-publish-slug="nightcap sam bankman fried crypto clip orig" data-video-tags="banking, finance and investments,business, economy and trade,crime, law enforcement and corrections,criminal offenses,financial markets and investing,fraud and financial crimes,ponzi schemes,white collar crime" data-details="">
nightcap crypto sam bankman fried 16x9
How common are Ponzi schemes in crypto? Crypto billionaire Sam Bankman-Fried weighs in
03:59
Now playing
- Source: CNN Business
- Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220616165338-nightcap-061622-crypto-clip-16x9.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220616165338-nightcap-061622-crypto-clip-16x9.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-06-16T21:54:21Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/06/16/nightcap-crypto-collapse-clip-orig-no.cnn" data-branding-key="nightcap" data-video-slug="nightcap crypto collapse clip orig no" data-first-publish-slug="nightcap crypto collapse clip orig no" data-video-tags="employee termination,employment and income status,human resources and personnel management,labor and employment,layoffs,personnel changes,personnel management,social and economic status,society,unemployment,workers and professionals" data-details="">
nightcap 061622 crypto clip 16x9
What crypto skeptics dunking on the crypto faithful are missing
02:15
Now playing
- Source: CNN
- Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220615221721-bill-gates-mocks-crypto.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220615221721-bill-gates-mocks-crypto.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-06-15T21:19:20Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/06/15/bill-gates-crypto-bored-ape-orig-dp.cnn" data-branding-key="" data-video-slug="bill gates crypto bored ape orig dp" data-first-publish-slug="bill gates crypto bored ape orig dp" data-video-tags="" data-details="">
US Microsoft founder, Co-Chairman of the Bill & Melinda Gates Foundation, Bill Gates, poses for a picture on October 9, 2019, in Lyon, central eastern France, during the funding conference of Global Fund to Fight AIDS, Tuberculosis and Malaria. - The Global Fund to Fight AIDS, Tuberculosis and Malaria on October 9, 2019, opened a drive to raise $14 billion to fight a global epidemics but face an uphill battle in the face of donor fatigue. The fund has asked for $14 billion, an amount it says would help save 16 million lives, avert "234 million infections" and place the world back on track to meet the UN objective of ending the epidemics of HIV/AIDS, tuberculosis and malaria within 10 years. (Photo by JEFF PACHOUD / AFP) (Photo by JEFF PACHOUD/AFP via Getty Images)
Video: Bill Gates mocks Bored Ape NFT's
01:35
Now playing
- Source: CNN
- Source: CNNBusiness " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220506223253-bitcoins-tax-return-stock.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220506223253-bitcoins-tax-return-stock.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html=" Quest Means Business " data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-06-13T22:24:48Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/06/13/bitcoin-drop-cryptocurrency-la-monica-sot-qmb-vpx.cnnbusiness" data-branding-key="" data-video-slug="bitcoin drop cryptocurrency la monica sot qmb vpx" data-first-publish-slug="bitcoin drop cryptocurrency la monica sot qmb vpx" data-video-tags="banking, finance and investments,bitcoin,business, economy and trade,digital currencies,economy and economic indicators,financial markets and investing,money, banknotes and coins" data-details="">
Bitcoins with US tax form 1040. Golden Bitcoin on tax form. Tax form pay concept
Here's why bitcoin's drop has investors worried
03:20
Now playing
- Source: CNNBusiness
- Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/190207141811-01-bitcoin-file.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/190207141811-01-bitcoin-file.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-05-15T16:14:28Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/05/15/crypto-market-volatility-stablecoins-sanchez-pkg-newday-vpx.cnn" data-branding-key="" data-video-slug="crypto market volatility stablecoins sanchez pkg newday vpx" data-first-publish-slug="crypto market volatility stablecoins sanchez pkg newday vpx" data-video-tags="banking, finance and investments,boris sanchez,business, economy and trade,financial markets and investing,misc people" data-details="">
A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England.
Stablecoins faltering amid crypto market volatility
03:23
Now playing
- Source: CNN
- Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220424205458-bitcoin-mining-washington-watt-dnt.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220424205458-bitcoin-mining-washington-watt-dnt.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-04-25T01:15:11Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/04/25/watt-dnt-bitcoin-mining-electricity-washington-nr-vpx.cnn" data-branding-key="project-planet" data-video-slug="watt dnt bitcoin mining electricity washington nr vpx" data-first-publish-slug="watt dnt bitcoin mining electricity washington nr vpx" data-video-tags="bitcoin,business and industry sectors,business, economy and trade,digital currencies,economy and economic indicators,electric power industry,energy and utilities,misc people,money, banknotes and coins,nick watt,utilities industry,electricity production and distribution,energy and resources,continents and regions,north america,northwestern united states,the americas,united states,washington (state)" data-details="">
bitcoin mining washington watt dnt
A quarter of all the electricity in this county is powering Bitcoin mining
03:08
Now playing
- Source: CNN
- Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220225165825-restricted-china-bitcoin-mining-file.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220225165825-restricted-china-bitcoin-mining-file.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-02-26T13:16:06Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/02/25/bitcoin-crypto-environmental-impact-js-orig.cnn" data-branding-key="" data-video-slug="bitcoin crypto environmental impact js orig" data-first-publish-slug="bitcoin crypto environmental impact js orig" data-video-tags="asia,bitcoin,business, economy and trade,china,continents and regions,digital currencies,east asia,economy and economic indicators,environment and natural resources,environmental footprint,environmentalism,europe,greece,money, banknotes and coins,southern europe" data-details="">
Internet cables and power cables at a bitcoin mine in Sichuan Province, China, on September 27, 2016.
Bitcoin's carbon footprint is growing larger. Here's why.
02:34
Now playing
- Source: CNN
- Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/211111201150-cyrpto-currency-coins-stock.jpg?q=x_0,y_0,h_1406,w_2498,c_fill/h_540,w_960" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/211111201150-cyrpto-currency-coins-stock.jpg?q=x_0,y_0,h_1406,w_2498,c_fill/h_540,w_960" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-02-17T05:07:35Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/02/11/cryptocurrency-takeover-hollywood-politics-sports-super-bowl-ads-ebof-watt-vpx.cnn" data-branding-key="" data-video-slug="cryptocurrency takeover hollywood politics sports super bowl ads ebof watt vpx" data-first-publish-slug="cryptocurrency takeover hollywood politics sports super bowl ads ebof watt vpx" data-video-tags="arts and entertainment,business and industry sectors,business, economy and trade,celebrities,celebrity and pop culture,digital currencies,economy and economic indicators,football (american),football (american) events,government and public administration,marketing and advertising,marketing and advertising channels,misc people,money, banknotes and coins,nfl,nick watt,politics,sports and recreation,sports events,sports organizations and teams,super bowl,super bowl advertising,television advertising,media industry" data-details="">
Coins representing crypto currency of bitcoin, ethereum, litecoin, monero, ripple, dash, on a dark background, a pattern of coins. Business, finance and technology concept.
Cryptocurrencies take Hollywood, sports and politics by storm
02:56
Now playing
- Source: CNN
- Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220215155931-senate-banking-committee-cryptocurrency-sherrod-brown-raw-sot-vpx-00015610.png?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220215155931-senate-banking-committee-cryptocurrency-sherrod-brown-raw-sot-vpx-00015610.png?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-02-15T21:03:35Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/02/15/senate-banking-committee-cryptocurrency-sherrod-brown-raw-sot-vpx.cnn" data-branding-key="" data-video-slug="senate banking committee cryptocurrency sherrod brown raw sot vpx" data-first-publish-slug="senate banking committee cryptocurrency sherrod brown raw sot vpx" data-video-tags="banking, finance and investments,business, economy and trade,digital currencies,economy and economic indicators,government and public administration,government organizations - us,money, banknotes and coins,political figures - us,politics,sherrod brown,us congress,us senate" data-details="">
senate banking committee cryptocurrency sherrod brown raw sot vpx_00015610.png
Sen. Brown on cryptocurrency: Fraud, scams and outright theft
02:35
Now playing
- Source: CNN
- Source: CNNBusiness " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220209182909-bitcoin-couple-hack-arrest-ilya-lichtenstein-heather-morgan.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/220209182909-bitcoin-couple-hack-arrest-ilya-lichtenstein-heather-morgan.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2022-02-10T02:39:51Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2022/02/10/bitcoin-couple-cryptocurrency-arrest-money-laundering-pkg-qmb-vpx.cnnbusiness" data-branding-key="" data-video-slug="bitcoin couple cryptocurrency arrest money laundering pkg qmb vpx" data-first-publish-slug="bitcoin couple cryptocurrency arrest money laundering pkg qmb vpx" data-video-tags="arrests,business, economy and trade,continents and regions,crime, law enforcement and corrections,criminal law,digital currencies,economy and economic indicators,law and legal system,law enforcement,misc people,money, banknotes and coins,new york (state),new york city,north america,northeastern united states,the americas,united states,zain asher,conspiracy (criminal offense),criminal offenses,diseases and disorders,government organizations - us,health and medical,neurological disorders and injuries,property crimes,receiving stolen property,us department of justice,us federal departments and agencies" data-details="">
bitcoin couple hack arrest Ilya Lichtenstein Heather Morgan
DOJ seizes $3.6 billion tied to New York couple's bitcoin hack
01:40
Now playing
- Source: CNNBusiness
- Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/211123144900-ben-mckenzie-crypto.jpg?q=x_0,y_0,h_1080,w_1919,c_fill/h_540,w_960" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/211123144900-ben-mckenzie-crypto.jpg?q=x_0,y_0,h_1080,w_1919,c_fill/h_540,w_960" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2021-11-30T11:55:56Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2021/11/23/kim-kardashian-crypto-ben-mckenzie-js-orig.cnn" data-branding-key="" data-video-slug="kim kardashian crypto ben mckenzie js orig" data-first-publish-slug="kim kardashian crypto ben mckenzie js orig" data-video-tags="arts and entertainment,benjamin mckenzie,business and industry sectors,business, economy and trade,celebrities,celebrity and pop culture,kim kardashian west,marketing and advertising,matt damon,product endorsements,tether,economy and economic indicators,money, banknotes and coins,digital currencies,bitcoin" data-details="">
ben mckenzie crypto
TV star has new role: Crypto critic
03:46
Now playing
- Source: CNN
- Source: CNNBusiness " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/211117065412-staples-center-los-angeles-11-16-2021.jpg?q=x_3,y_83,h_1645,w_2923,c_crop/h_540,w_960" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/211117065412-staples-center-los-angeles-11-16-2021.jpg?q=x_3,y_83,h_1645,w_2923,c_crop/h_540,w_960" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2021-11-19T15:51:02Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2021/11/19/crypto-arena-staples-center-name.cnnbusiness" data-branding-key="" data-video-slug="crypto arena staples center name" data-first-publish-slug="crypto arena staples center name" data-video-tags="arenas and stadiums,california,continents and regions,los angeles,north america,points of interest,southern california,southwestern united states,staples center,the americas,united states" data-details="">
The statue of former Los Angeles Lakers Magic Johnson is seen in front of Staples Center following an NBA basketball game between the Los Angeles Clippers and the San Antonio Spurs Tuesday, Nov. 16, 2021, in Los Angeles. The Staples Center in downtown Los Angeles will be renamed Crypto.com Arena on Christmas. The home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years. (AP Photo/Mark J. Terrill)
Crypto.com buys Staples Center naming rights
03:27
Now playing
- Source: CNNBusiness
- Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/211019083118-04-bitcoin-file.jpg?q=x_2,y_91,h_1123,w_1995,c_crop/h_540,w_960" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/211019083118-04-bitcoin-file.jpg?q=x_2,y_91,h_1123,w_1995,c_crop/h_540,w_960" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2021-11-09T13:36:06Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2021/11/04/crypto-js-orig.cnn" data-branding-key="" data-video-slug="crypto js orig" data-first-publish-slug="crypto js orig" data-video-tags="beverages,business and industry sectors,business, economy and trade,coffee,consumer products,digital currencies,economy and economic indicators,food and drink,kinds of foods and beverages,money, banknotes and coins,doge,bitcoin,cryptocurrency explainer" data-details="">
04 Bitcoin FILE
Crypto: The future of money or the biggest scam?
03:23
Now playing
- Source: CNN
- Source: CNNBusiness " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/201022094013-03-jamie-dimon-file.jpg?q=x_19,y_0,h_1030,w_1831,c_crop/h_540,w_960" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/201022094013-03-jamie-dimon-file.jpg?q=x_19,y_0,h_1030,w_1831,c_crop/h_540,w_960" } }" data-vr-video="false" data-show-html="" data-byline-html="
" data-timestamp-html="
Updated 9:58 AM EDT, Fri September 24, 2021
" data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2021-10-12T14:12:46Z" data-video-section="business" data-canonical-url="https://www.cnn.com/videos/business/2021/10/12/jamie-dimon-bitcoin.cnnbusiness" data-branding-key="" data-video-slug="jamie dimon bitcoin" data-first-publish-slug="jamie dimon bitcoin" data-video-tags="business figures,business, economy and trade,companies,digital currencies,economy and economic indicators,jamie dimon,jpmorgan chase & co,money, banknotes and coins" data-details="">
JPMorgan Chase & Co. CEO Jamie Dimon speaks during the Business Roundtable CEO Innovation Summit in Washington, DC on December 6, 2018. (Photo by Jim Watson/AFP/Getty Images)
Jamie Dimon blasts bitcoin as 'worthless'
01:52
Now playing
- Source: CNNBusiness
Beijing CNN Business  — 

China is intensifying its crackdown on cryptocurrencies.

Chinese government agencies including the country’s securities regulator and the People’s Bank of China (PBOC) said in a statement on Friday that all cryptocurrency-related business activities are illegal and vowed to clamp down on illicit activities involving digital currencies.

The agencies said that overseas crypto exchanges would be blocked from providing services to Chinese residents through the internet.

Bitcoin (XBT) fell about 5% on the news. Ethereum, another leading cryptocurrency, was down 9%.

The agencies said that China would develop “new systems” to counter risks posed by cryptocurrencies. China will gradually start shutting down crypto mining operations, and no new mining projects will be permitted, the National Development and Reform Commission said in a separate statement.

The announcements are the latest in a series of tough measures from China on cryptocurrencies.

20210921-bitcoin-01-GFX
Adobe Stock

Related article Bitcoin for beginners: Here's what to know before you invest in crypto

In May, Chinese Vice Premier Liu He told a group of finance officials that the government would “clamp down on bitcoin mining and trading activity” as part of its goal to achieve financial stability. And finance and banking watchdogs said that financial institutions and payment companies should not participate in any transactions related to cryptocurrency, nor should they provide crypto-related services to their clients.

The measures aren’t just about curtailing financial risk. The computers needed for bitcoin mining eat up a ton of computing power and electricity, raising concerns about the cost to the environment.

China was on track to generate more than 130 million metric tons of carbon emissions by 2024, according to a Nature Communications study. That’s more than the total annual carbon emissions output from the Czech Republic and Qatar in 2016.

That kind of output is also disastrous for China’s ambitious climate plans. President Xi Jinping has vowed to make his country carbon neutral by 2060, and the country is already struggling to contain carbon emissions from other industries.

– CNN Business’ Laura He contributed to this report