China Central bank have declared all cryptocurrency transactions illegal

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Summary

China’s Central Bank on Friday declared all cryptocurrency-related transactions illegal in an intensification of the country’s crackdown on the trillion-dollar industry.

“Virtual currency-related business activities are illegal financial activities,” a statement on the People’s Bank of China website reads.

According to the notice, Beijing will ban all financial institutions, payment companies and internet platforms from enabling cryptocurrency trading. In addition, China’s central bank is seeking to target foreign exchanges, declaring “the provision of services by overseas virtual currency exchanges to Chinese residents through the internet” to be illegal.

The announcement sent cryptocurrencies tumbling, with Bitcoin plunging below the $42,000 level before stabilizing, while Ethereum, the second largest cryptocurrency, tumbled more than 10% to below the $2,800 mark. Global cryptocurrencies have seen volatile fluctuations this year partly driven by China’s regulations as Beijing seeks to clamp down on the industry.

  • Source: CNet
  • September 26, 2021
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