The Central Bank of China declared all cryptocurrency transactions illegal


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The Central Bank of China pledged on Friday to cracking down on illegal cryptocurrency trading activities, banning foreign exchanges from serving mainland Chinese investors via the internet. The entity also said that will prohibit financial institutions, payment companies and internet companies from facilitating cryptocurrency trading, and strengthen monitoring of the risks of such activities. “All cryptocurrencies, including Bitcoin and Ether, are not fiat currency and cannot circulate in the market”Stressed the People’s Bank of China on its website. “They seriously endanger people’s assets”, He detailed. All transactions related to cryptocurrencies, including services provided by foreign exchanges to national residents, are...