China bans crypto currency transactions

Last Friday, China's central bank, the People's Bank of China, said that crypto currency transactions are illegal as such currencies "do not have legal tender status" and therefore "cannot be circulated as currency in the market." In a statement, the Chinese central bank said that bitcoin and other virtual currency transactions have disrupted economic and financial order by contributing to a rise in "money laundering, illegal fund-raising, fraud, pyramid schemes, and other illegal and criminal activities." Therefore, crypto transactions have been defined as a criminal financial activity in China. The Chinese central bank said China will "resolutely curb the hype…