China Declares All Cryptocurrency Transactions Illegal
Following Ban on Cryptocurrency
Recent Announcement by Central Bank
In a move that has sent shockwaves through the cryptocurrency world, China's central bank has announced a blanket ban on all transactions involving cryptocurrency. This drastic measure follows a series of increasingly hostile moves by the Chinese government towards the digital assets.
The central bank's announcement, which was issued on Friday, September 24, 2021, states that "all cryptocurrency-related transactions are illegal in the country." This includes trading, mining, and even holding cryptocurrency. Those who violate the ban face severe penalties.
China's latest move is the culmination of a years-long crackdown on cryptocurrency. In 2013, the government banned financial institutions from handling cryptocurrency transactions. In 2017, it banned cryptocurrency exchanges from operating in the country. And in 2019, it banned the sale of cryptocurrency-related financial products.
This latest ban is the most comprehensive and far-reaching yet. It effectively outlaws all cryptocurrency activity in China, making it one of the most hostile environments for cryptocurrency in the world.
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