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  • Writer's pictureD. Brit

China's Central Bank Declares All Crypto Currency Transactions Illegal

What Happened:

  • On Friday, China's Central Bank declared that all transactions involving crypto currencies are illegal.

  • The notice from the Central Bank added that crypto currencies disrupt the financial markets and are used for money-laundering and other illegal activities.

  • Said China's Central Bank in a statement, "Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited."

  • Chinese banks have been banned from handling crypto currencies since 2013, but China's campaign against the use of crypto currencies in general has been stepped up drastically over the last year.

Photo Source: Gerd Altmann via Pixabay

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