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China declares all cryptocurrency transactions illegal | WGN Radio 720
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File – In this February 9, 2021 file photo, the Bitcoin logo will appear on the screen of the Smoker’s Choice Store cryptocurrency ATM in Salem, the central bank of New Hampshire, on Friday, September 24, 2021. It shows. Bitcoin and other cryptocurrencies are illegal and are stepping up campaigns to block the use of informal digital money. (AP photo / Charles Krupa, file)
Beijing (AP) — Friday’s central bank of China has stepped up a campaign to block the use of informal digital money, declaring all transactions, including Bitcoin and other cryptocurrencies, are illegal.
Banks of China were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. This reflects official concerns that cryptocurrency mining and trading may still be ongoing or that the state-owned financial system may be indirectly at risk.
Friday’s notice complained that Bitcoin, Ethereum and other digital currencies disrupted the financial system and were used for money laundering and other crimes.
“All crypto derivative transactions are illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website.
Cryptocurrency promoters say they allow anonymity and flexibility, but Chinese regulators could weaken control over the ruling Communist financial system and help hide criminal activity. I am concerned.
The People’s Bank of China is developing an electronic version of the country’s RMB for cashless transactions that Beijing can track and manage.
China declares all cryptocurrency transactions illegal | WGN Radio 720
Source link China declares all cryptocurrency transactions illegal | WGN Radio 720
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