China takes further action against cryptocurrency ban: central financial institution bans all transactions

China simply gave cryptocurrencies its biggest blow, but. The country’s central financial institution mentioned that the flow of cryptocurrencies equivalent to Bitcoin or Ethereum is illegal. This is set out in a notification posted on other people’s financial institution’s online website in China.

The organism called all cryptocurrency-related transactions illegal, services and products equipped through international trade to citizens across the country. The new announcement caused the value of it all to drop, with Bitcoin falling to 5.5%.

China against cryptocurrencies

China began to toughen its laws against mining and buying and selling cryptocurrencies that year, inflicting a number of sharp market declines. In May, they started working in bitcoin mining, causing mining operations to halt at huge mining pools around the country.

Following the ban on cryptocurrencies through more than a few Chinese-speaking banking associations, Bitcoin has lost virtually some of its value. The Other Peoples of China Financial Institution had already mentioned in 2019 that it could continue to buy and sell cryptocurrency, but now have their insurance policies up to date to check to completely cover up these transactions.

In accordance with the verdict and deployment of the Central Anniversary Celebration Committee and the State Council, the Other Peoples’ Financial Institution of China, together with relevant departments, offered a chain of insurance policies and measures to elucidate that cryptocurrencies would not have a prison. standing forex. , prevent monetary institutions from creating and tasting in cryptocurrency-related businesses, and hide and restrict home-based cryptocurrency transactions and token issuance funding.

The cryptocurrency alternative, the buying and selling of cryptocurrencies as a central counterparty, the provision of cryptocurrency transaction matching services and products, the funding of token issuance and Cryptocurrency derivative transactions are illegal monetary actions and are strictly prohibited. Exchanging cryptocurrency in another country to provide services and products to Chinese citizens through the use of the web are also illegal monetary actions.

The country’s financial planning firm also said that it is an urgent activity for China to phase out cryptocurrency mining, and this crackdown is critical to meeting carbon targets.

The announcement is not entirely new and the Chinese executive has made identical statements so far, but the new announcement is another nail in the coffin the Rustic has built in an attempt to bury all transactions related to cryptocurrency.

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