China Bans Trading Of Cryptocurrency

September 26, 2021 | Investopaper

China has banned the trading of cryptocurrencies. People’s Bank of China on Friday declared trading of virtual currency illegal and instructed it not to engage in any activities related to it.

The trading and mining of all types of cryptocurrencies, including bitcoins, is illegal. China’s central bank has said that such currencies have no value because they do not exist.

The central bank, securities regulators, and foreign exchange trading entities have jointly taken the latest step to stifle virtual currency transactions. Financial institutions, payment, and internet companies have been told not to engage in cryptocurrency-related activities. 

China also pursued a policy of discouraging cryptocurrency-related activities in 2013 and 2017. 

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