China Declares Virtual-Currency Transactions Illegal, Sends Crypto Prices Tumbling

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China’s central bank declared that all activities related to digital coins are “illegal” and must be banned. The People’s Bank of China specifically targeted overseas cryptocurrency exchanges, naming Bitcoin, Ether and Tether as examples of illegal cryptocurrencies, and declaring that it was illegal for them to provide online services to residents in China. China is aggressively clearing the runway for its very own digital yuan, a central-bank digital currency that acts like credit card money Market reception for China’s central-bank digital currency has been catastrophic so far. -GEG

China expanded its escalating crackdown on cryptocurrencies on Friday when its central bank declared that all activities related to digital coins are “illegal” and must be banned.

In a statement the People’s Bank of China said the latest notice was to further prevent the risks surrounding crypto trading and to maintain national security and social stability.

Incidentally, the news was already priced in once, with rumors of PBOC crackdown sending the price of bitcoin lower in mid-September when Bitcoin traded just below $50,000.

Naming bitcoin, ether and tether as examples, the central bank said cryptocurrencies are issued by nonmonetary authorities, use encryption technologies and exist in digital form and should not be circulated and used in the market as currencies. The PBOC specifically targeted overseas cryptocurrency exchanges declaring that it was illegal for them to provide online services to residents in China.

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Jeff Schneider
Jeff Schneider
1 year ago

When you control the money, you control the people just ask the Rothchild’s. I will butcher the quote as follows, Give me control over the money and I care not who makes the laws. They feel like competition is a sin. They have created their own CBDC and do not want any competitors.Competition means constant innovation. Government and innovation are enemies. I believe in free markets, including the money market.