China Makes Cryptocurrency Transactions Illegal

China’s central bank declared all cryptocurrency transactions illegal Friday, reinforcing the stark position against any non-government issued currency.  In a statement posted on its website, the People’s Bank of China said the move was in effort to prevent the risks involved with trading cryptocurrency and to maintain national security.  Following the announcement, cryptocurrency prices plummeted, […]

  • by:
  • 03/02/2023

China’s central bank declared all cryptocurrency transactions illegal Friday, reinforcing the stark position against any non-government issued currency.  In a statement posted on its website, the People’s Bank of China said the move was in effort to prevent the risks involved with trading cryptocurrency and to maintain national security.  Following the announcement, cryptocurrency prices plummeted, […]

China’s central bank declared all cryptocurrency transactions illegal Friday, reinforcing the stark position against any non-government issued currency. 

In a statement posted on its website, the People’s Bank of China said the move was in effort to prevent the risks involved with trading cryptocurrency and to maintain national security. 

Following the announcement, cryptocurrency prices plummeted, the Wall Street Journal reports. Bitcoin fell more than 8 percent and Ether dropped more than 11 percent. 

The bank said cryptocurrencies like Bitcoin and Ether are issued by non-monetary authorities, use encryption technologies and exist in a digital form and thus shouldn’t be circulated and used in the market. 

It also said it is illegal for overseas exchanges to provide services for residents in China via the internet.

The statement called for a monitoring system, giving local governments “full play” to surveil their regions and flag warnings. It promised to crack down on “illegal financial activities” in terms of cryptocurrency exchanges, and investigate employees of foreign exchanges inside China. 

Image: by is licensed under
ADVERTISEMENT

Opinion

View All

JACK POSOBIEC: Russia attacks Ukraine with a 'hypersonic missile' as US, UK escalate war

"They want your sons and daughters to die in the name of democracy. But in truth, it's really in the ...

Russia says US is actively trying to prolong war in Ukraine

"If you look at the trends of the outgoing US administration, they are fully committed to continuing ...

Jair Bolsonaro, 36 aides indicted by Brazilian police for alleged coup against President Lula

Brazilian police said their findings from the investigation, compiled in a 700-page document, were be...

1,500-person migrant caravan on its way to US border from Mexico: report

Human smugglers have been encouraging migrants to "hurry up and sneak in" before President-elect Dona...