EE_
24th September 2021, 06:22 AM
China's central bank declares all crypto transactions as illegal
Beijing's announcement sent cryptocurrencies tumbling.
Sareena Dayaram
Sept. 24, 2021 4:19 a.m. PT
China's Central Bank declared all cryptocurrency-related transactions illegal on Friday, in an intensification of the country's crackdown of the industry, which it says breeds illegal and criminal activities.
"Virtual currency-related business activities are illegal financial activities." a statement on the People's Bank of China website reads.
According to the notice, Beijing will ban all financial institutions, payment companies, and internet platforms from enabling cryptocurrency trading. The announcement sent the cryptocurrencies tumbling, with Bitcoin plunging past the $44,000 level before stabilising. Global cryptocurrencies have seen volatile fluctuations partly driven by China's regulations, as Beijing seeks to clampdown on the industry.
The trading of cryptocurrencies has given rise to the disruption of "economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property," the statement says.
https://www.cnet.com/tech/chinas-central-bank-declares-all-crypto-transactions-as-illegal/
Keep in mind the US government is under CCP control. China controls all our corporations and banks.
Beijing's announcement sent cryptocurrencies tumbling.
Sareena Dayaram
Sept. 24, 2021 4:19 a.m. PT
China's Central Bank declared all cryptocurrency-related transactions illegal on Friday, in an intensification of the country's crackdown of the industry, which it says breeds illegal and criminal activities.
"Virtual currency-related business activities are illegal financial activities." a statement on the People's Bank of China website reads.
According to the notice, Beijing will ban all financial institutions, payment companies, and internet platforms from enabling cryptocurrency trading. The announcement sent the cryptocurrencies tumbling, with Bitcoin plunging past the $44,000 level before stabilising. Global cryptocurrencies have seen volatile fluctuations partly driven by China's regulations, as Beijing seeks to clampdown on the industry.
The trading of cryptocurrencies has given rise to the disruption of "economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property," the statement says.
https://www.cnet.com/tech/chinas-central-bank-declares-all-crypto-transactions-as-illegal/
Keep in mind the US government is under CCP control. China controls all our corporations and banks.