HONG Kong-listed digital currency stocks nosedived this week following Beijing's declaration that all crypto payments are illegal.

Huobi Global, one of the world's biggest cryptocurrency exchanges, yesterday saw its share price plummet by 21.87 per cent compared to its previous close price. OKG Technology, a fintech and construction company owned by the founder of crypto exchange OK Coin, also fell more than 20 per cent.

It comes after the People's Bank of China declared all crypto payments illegal on Friday and said that foreign exchanges offering services to Chinese customers were contravening the country's laws.

(c) 2021 City A.M., source Newspaper