China’s central bank declared all cryptocurrency transactions illegal on Friday, banning overseas crypto exchanges from providing services to invest

China’s Central Bank Says All Cryptocurrency Transactions Are Illegal

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2021-09-24 10:30:07

China’s central bank declared all cryptocurrency transactions illegal on Friday, banning overseas crypto exchanges from providing services to investors in the country as it continues its crackdown on cryptocurrencies.

In an update on its website, the People’s Bank of China (PBOC) announced that it will ban financial institutions, payment companies, and internet platforms from facilitating cryptocurrency trading.

The central bank also indends to establish a mechanism for early warning and stopping “hype” in crypto trading and mining activities.

As a result of the announcement, Bitcoin’s value dropped by as much as 4.5% on Friday while the value of Ether slumped by 6.5%

I am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and

I am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and Economics Journalism in 2019. Worked as a journalist in New Delhi, India from 2014 to 2018. Have a news tip? DMs are open on Twitter @SiladityaRay or drop me an email at siladitya@protonmail.com.

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