The People’s Bank of China, the country's central bank, has announced that all transactions of crypto-currencies are illegal, effectively banning digital coins. "Virtual currency-related business activities are illegal financial activities," the bank said. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currencies and cannot be circulated.
Just a few months back, China imposed rules barring banks from offering crypto-related services, pushing traders to over-the-counter platforms and offshore exchanges.…Is China’s Digital Yuan The Death Knell For Crypto?
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