Bitcoin value has started to dip as the Chinese government has decided to crackdown on initial coin offerings within China. The new law shows that ICOs have been declared illegal by the People’s Bank of China, the autocratic nation’s securities regulator, due to concerns regarding financial fraud and general criminal activity.
Bitcoin is a currency widely used by scammers and is the chosen method when victims have to pay ransomware. They effectively offer digital tokens which are tied to the value of the company and can therefore be used for trading and paying payments anonymously.
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