China’s central bank declared all cryptocurrency-related activities as illegal


September 24, Fineko/abc.az. The People's Bank of China has announced that all cryptocurrency transactions in the country should be banned.

It is reported that, according to the regulator, all cryptocurrencies, including bitcoin, cannot be brought to the market, since they are not an official means of payment.

The bank also stated that activities related to cryptocurrencies are considered illegal. Thus, foreign cryptocurrency exchanges cannot provide services in China.

According to experts, such a ban will strengthen the monitoring of risks associated with cryptocurrencies, including money laundering.

Against the background of this news, the value of bitcoin fell by 3%. At the next stage, other cryptocurrencies fell in price – Ethereum and Dogecoin - by 7%, and others by 3-10%.

In 2017, crypto exchanges were banned in China, and in May 2021, bitcoin mining was banned.