China declares all cryptocurrency transactions illegal

The People’s Bank of China has issued a blanket ban on cryptocurrency transactions, including mining and services of foreign exchanges to users in the country. 

‘Virtual currency-related business activities are illegal financial activities,’ the People’s Bank of China said, warning it ‘seriously endangers the safety of people’s assets,’ as reported by the BBC.

While the ban on trading cryptocurrencies has been in place in China since 2019, this new crackdown extended to foreign internet, financial and payment companies from facilitating cryptocurrency trading on their platforms.