Beijing banned banks and payment firms from providing services related to crypto-currency transactions.It also warned investors against speculative crypto trading on Tuesday. It follows falls in Bitcoin of more than 10% last week after Tesla said it would no longer accept the currency. On Wednesday afternoon, Bitcoin recovered some ground, although it was still down -10.4% at $38,131. Meanwhile, other digital currencies such as Ether, which acts as the fuel for the Ethereum blockchain network, and Dogecoin lost as much as 22% and 24% respectively. Read more at https://www.bbc.co.uk/news/business-57169726
The information provided in this blog is for general guidance only and should not be considered as professional advice. Tax laws and regulations are subject to change, and their application can vary depending on individual circumstances. For personalised advice tailored to your unique situation, we recommend consulting with a qualified accountant or reaching out to us at BM & Co. We're here to help ensure accuracy and compliance with UK tax regulations.