China’s central bank has made all cryptocurrency transactions illegal in mainland China, the bank announced in a statement today.
In a statement posted to the People’s Bank of China website, China’s market regulators and the Ministry of Public Security said cryptocurrency is “disrupting the 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” and warned of “the risks of virtual currency trading speculation.”
China’s one-party state also said the ban on cryptocurrency is necessary to “effectively maintain national security and social stability.”
Overseas exchanges will be barred from serving mainland investors and financial institutions, payment processing firms and internet companies facilitating cryptocurrency trades will be blocked by the Chinese government.
Firms will also be prohibited from using a variety of terms for cryptocurrency in their names and in the scope of their business activities. The list of banned terms and areas for businesses includes “virtual currency,” “virtual assets,” encrypted currencies” and “encrypted assets.”
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