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Chinese government declares all cryptocurrency transactions illegal

September 24, 2021

Via: ZDnet

China’s central bank reiterated its stance on cryptocurrency on Friday, releasing a memo that banned cryptocurrency transactions and made it illegal for overseas exchanges to provide services to people in China.

“Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said in a notice posted to its website on Friday afternoon.

They slammed cryptocurrency for “disrupting economic and financial order” and facilitating “illegal and criminal activities” like gambling, fraud, pyramid schemes, money laundering and theft.

The notice explicitly names Bitcoin, Ether and TEDA, noting that they do “not have the same legal status as legal currency.”

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