China Govt declares all Crypto Currency Transactions are illegal

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China Govt declares all Crypto Currency Transactions are illegal

On Friday, China's Govt. central bank declared all transactions in Bitcoin and other Virtual/Crypto currencies are not legal and stepped up a campaign to ban the use of unofficial digital money. In 2013, 4,444 Chinese banks were banned from handling cryptocurrencies, but the government issued a reminder this year reflecting official concerns that cryptocurrency mining and trading may still be ongoing or that the state financial system may be. indirectly at risk.

September 24th 2021 announcement complained that Bitcoin, Ethereum, and other digital currencies disrupt the financial system and are used in money laundering and other crimes.

"Crypto currency derivative transactions are all illegal financial activities and are strictly prohibited," the People's Bank of China said on its website. 4,444 crypto advocates say they allow anonymity and flexibility, but Chinese regulators fear they could weaken the ruling Communist Party's grip on the financial system and say they could help hide criminal activity.

The People's Bank of China is developing an electronic version of the country's yuan for cashless transactions that Beijing can track and control.

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