China bans all crypto-related transactions

China bans all crypto-related transactions

The Central Bank of China (PBoC) said that all cryptocurrency transactions are illegal and must be banned. This is Chinese’s strongest message in its campaign to control the digital currency industry.

All digital currencies, including Bitcoin and Tether, are not legal tender and cannot circulate in the market, the People’s Bank of China said on its website. All virtual currency transactions – including services that provide foreign exchange to Chinese citizens – are considered illegal financial activities, the PBoC said in a statement.

“Financial institutions and non-bank payment institutions cannot provide services for activities and operations related to digital currency,” the People’s Bank of Chinese announced on September 24th.

Bitcoin once fell 4.5% and Ethereum also fell more than 8% on September 24th. Cryptocurrency-related stocks also fell. Meanwhile, China’s economic planning agency said the elimination of virtual currency mining was an urgent task for the country. In addition, close monitoring of the cryptocurrency industry is also important in order to meet the emissions reduction goal.

Vu Hao (according to Bloomberg)