China’s central bank declared that all cryptocurrencies transactions are illegal. The ban delivered one of the toughest blows to the crypto industry.
The People's Bank of China has declared that virtual currency-related business activities are illegal financial activities. These transactions have been blamed for jeopardizing the safety of people’s assets.
Was This Announcement Shocking?
The announcement was not surprising. Back in 2019, crypto-currency trading was officially banned in China. Though, the practice continued through online foreign exchanges. In May, Chinese state institutions warned buyers about government officials vowing to increase pressure on the industry. Fast forward to June, Chinese state institutions issued bans on mining the currencies. That ban led to a sh...
