Cryptocurrency Banned In China

The People's Bank bank of China has announced all Cryptocurrency activities as illegal on 23 September.
Sheena

Updated: Sep 28, 2021 04:13:46 pm

28 September 2021 Current Affairs:The People's Bank bank of China has announced all Cryptocurrency activities as illegal on 23 September.

Highlights
♦ People's Bank of China (PBOC) annaounced Virtual currency-related business activities as illegal financial ventures.
♦ Offenders will be "investigated for criminal liability" as per the law.
♦ China has banned all the related financial ventures involving cryptocurrencies like selling tokens, trading crypto, and illegal fundraising.
♦ virtual currencies have become extensive and are disturbing economic & financial order In china.
♦ China to introduce its digital currency, which will allow the central government of China to monitor transactions.
♦ Cryptocurrency creation and trading have already been illegal in China since 2019.
♦ Cryptocurrency is binary data that have been designed to work as a medium of exchange.
 
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