logo
Malaysia's Best News App

China’s central bank rules crypto transactions illegal

Technology

BEIJING: China’s central bank on Friday said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for digital currencies in China after a crackdown on the volatile trade.

The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations, which have sought to prevent speculation and money laundering.

“Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China (PBOC) said in an online statement Friday, adding that offenders would be “investigated for criminal liability in accordance with the law.”

The notice bans all related financial activities involving cryptocurrencies, such as trading crypto, selling tokens, transactions involving virtual currency derivatives and “illegal fundraising

reaction1 reaction1
1
views166
comment0
share10

How to Install Newswav
1. Scan the QR code below
1. Tap this button
QR
2. Tap Get / Install in App Store / Google Play
guide 1
3. Go to homescreen & tap on Newswav app
guide 1