China | People’s Bank of China announces ban on cryptocurrency transactions

On September 24, 2021, People’s Bank of China announces ban on all crypto currency transactions in order to stop illegal crypto mining.

It has been stated that virtual currencies that are issued by non-monetary authorities, using encryption technology, distributed accounts or similar technologies, and exist in digital form, such as Bitcoin, Ethereum, etc., including so-called stable currencies such as TEDA, does not have the same legal status as legal tender and cannot be circulated in the market as currency.

Read the Press Release HERE

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