China has banned all transactions in all types of cryptocurrencies. The central bank says remittances of cryptocurrencies from outside China will also be illegal.
The People’s Bank of China announced on its website that cryptocurrencies are illegal. The statement clarified that any business or action that causes chaos in the country’s economic and financial system cannot be legalized and all such activities are definitely and immediately illegal.
The central bank has warned, participating in these activities it will be considered a criminal activity. It also said that the country’s financial system was in turmoil due to gambling, illegal fundraising, financial fraud, money laundering.
The government carried out such illegal financial operations by the state and the people in this context, the authorities have also considered the trade of cryptocurrencies as against the law of the land. China’s decision has had a devastating effect on corrupt currencies, and digital currency prices have plummeted.
It should be noted that Chinese authorities arrested more than a thousand people in June this year for buying and selling cryptocurrencies, who were accused of buying them in view of the rising value of cryptocurrencies. Even before the decision of the Chinese Central Bank, many provinces have declared the trade of cryptocurrencies against the law.
On the other hand, the Chinese government has instructed the country’s financial institutions not to engage in any kind of cryptocurrency transactions and to immediately cut off trade relations with any company involved in such business, as well as such. Individuals and companies have also been instructed to stop such activities immediately.