China's central bank declares all cryptocurrency transactions illegal

www.france24.com
3 min read
fairly difficult
China's central bank on Friday said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in China after a crackdown on the volatile currencies.
China's central bank ruled on September 24 that all financial transactions involving crypto currencies are illegal.



Advertising Read more

The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations, which have sought to prevent speculation and money laundering.

"Virtual currency-related business activities are illegal financial activities," the People's Bank of China (PBOC) said in an online statement Friday, adding that offenders would be "investigated for criminal liability in accordance with the law."

The notice bans all related financial activities involving cryptocurrencies, such as trading crypto, selling tokens, transactions involving virtual currency derivatives and "illegal fundraising".

Bitcoin fell as much as 5.5 percent following the announcement, hitting $42,232 around 1000 GMT before stabilising. Around 1030 GMT it was…
NEWS WIRES
Read full article