China declares transactions involving cryptocurrencies illegal

The People's Bank of China said the currencies disrupted the financial system and were used in money-laundering and other crimes. Photograph: Sheldon Cooper/Sopa/Rex/Shutterstock

China’s central bank has declared illegal all transactions involving bitcoin and other virtual currencies, stepping up a campaign to block use of unofficial digital money.

The price of bitcoin fell more than 8% immediately after the announcement, dropping to just over $41,000 (£30,000).


Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern that cryptocurrency mining and trading might still be going on, or that the state-run financial system might be indirectly exposed to risks.

Publish : 2021-09-24 19:09:00

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