All financial transactions with cryptocurrencies outlawed in China

Source : 112 Ukraine

Beijing will treat any cryptocurrency transactions as "illegal financial activity." Those involved in such transactions will face criminal prosecution
17:22, 25 September 2021

The People's Bank of China (Central Bank) has declared all financial transactions with cryptocurrencies illegal, according to DW.

It is reported that Beijing will consider any transactions with such currencies "illegal financial activity", and the suspects will face criminal prosecution. The ban also included the sale of digital assets and operations with crypto derivatives.

The Central Bank of China claims that in recent years, trading in bitcoin and other cryptocurrencies "undermined the economic and financial order" in the PRC and "contributed to money laundering, illegal capital raising, fraud and other criminal activities." Such operations threaten the safety of citizens' property.

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Shortly after the announcement of the People's Bank of China, the price of bitcoin per hour plummeted by more than $ 3,000 (2,560 euros) - or 6%. The digital Ethereum also lost significantly in value, dropping 10.7 percent.

Earlier it was reported that El Salvador will become the first country in the world to make bitcoin legal tender alongside the US dollar. It is noted that at the moment Bitcoin does not enjoy the full support of any government, and El Salvador is currently a country with a cash economy, where about 70% of people do not have bank accounts or credit cards.

Related: 159,004 people vaccinated against Covid-19 in Ukraine on September 24

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