News Snapshot:
The Chinese government once again stepped up its suppression of cryptocurrency transactions. The Chinese Central Bank- People’s Bank of China (PBOC) stated that all cryptocurrency-related transactions are illegal. On Friday afternoon, The People’s Bank of China (PBOC) released a statement and pointed out that virtual currencies such as Bitcoin, Ether, Tether, and other virtual currencies do not enjoy the same legal status as legal tender, are not legally repayable, thus should not be traded as circulating currencies in the market. All crypto-related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities, the PBOC said in...
