24 September 2021

Trading in Cryptocurrencies: A No-Go in China

Action taken
Breaking| Sept

China’s Central Bank Says All Cryptocurrency Transactions Are Illegal

 

Bloomberg Publishes Fake News on Bitcoin as China Prints $100 Billion –  Trustnodes

Here's the report by Siladitya Ray Updated Sep 24, 2021, 06:19am EDT

Topline

China's Central Bank Says All Cryptocurrency Transactions Are Illegal"China’s central bank declared all cryptocurrency transactions illegal on Friday, banning overseas crypto exchanges from providing services to investors in the country as it continues its crackdown on cryptocurrencies by declaring all such transactions as illegal.     

Key Facts

In an update on its website, the People’s Bank of China (PBOC) announced that it will ban financial institutions, payment companies, and internet platforms from facilitating cryptocurrency trading.

ET NOW on Twitter: "People's Bank of #China bans crypto trading; says it  disrupts normal #economic & #financial order. Check out the details # Bitcoin #cryptocurrency #markets #investing https://t.co/BxjJEDF0uL" /  Twitter

> The regulator also noted that it will step up monitoring of risks from activities related to cryptocurrency.

> The central bank also indends to establish a mechanism for early warning and stopping “hype” in crypto trading and mining activities.

China Issues Blanket Crypto Trading Ban; Bitcoin, Coinbase Slide -  BitcoinPress

As a result of the announcement, Bitcoin’s value dropped by as much as 4.5% on Friday while the value of Ether slumped by 6.5%

A China ICYMI - PBOC stepped up its ban on cryptocurrency operations

This is a developing story.

 

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