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Breaking| Sept
China’s Central Bank Says All Cryptocurrency Transactions Are Illegal
Here's the report by Siladitya Ray Updated Sep 24, 2021, 06:19am EDT
Topline
"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.
> 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.
This is a developing story.
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