China says all cryptocurrency transactions are illegal

People's Bank of China demands ban of cryptocurrency transactions due to perceived illegality

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China says all cryptocurrency transactions are illegal

Bitcoin dropped as much as 4.5%. Ether also tumbled, along with other crypto-related stocks.

The Central Bank of China has said that all cryptocurrency-related transactions are illegal and demanding a ban. This statement sends the strongest signal thus far on Bank’s willpower to crack down on the industry.

The nation’s economic planning agency has also said that it is an urgent task for China to root out crypto mining and the crackdown is important to meet carbon goals.

The People’s Bank of China described all cryptocurrencies, including Bitcoin, Ethereum, and others, on its website as non-flat currencies and cannot be circulated on the market.

All crypto-related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities, the PBOC said in the statement.

Bitcoin dropped as much as 4.5% on Friday. Ether also tumbled, along with other crypto-related stocks as a result of the statement.

Since 2009, there has been a radical new technological way of making financial decentralized payments.

The creation of the first decentralized peer-to-peer payment system, Bitcoin, has led to the creation of a novel and booming set of payment services- known collectively as ‘cryptocurrencies’.

These digital currencies are now being backed by some natural governments, nor does anyone user have complete control over them is fast becoming the chief way people pay for goods and services in the 21st century of fintech.

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