The communist party controlled central bank says all crypto banned in China. All crypto transactions illegal as from today, as well as foreign exchanges.
In a joint statement, 10 government agencies vowed to maintain a “high pressure” crackdown on the trading of cryptocurrencies in the worlds most population nation state.
The central bank also said that Bitcoin and Tether cannot be circulated in the market as they are fiat currencies.
[the government will] “resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people’s properties and maintain economic, financial and social order,”People’s Bank of China statement as crypto banned in China. Sept 24 2021
The PBOC then went on to order internet, financial and payment companies from cease facilitating cryptocurrency trading on their platforms.
The move instantly caused a huge selloff in the market. This is not the first time the Chinese government have gone to war with crypto, banning mining in the country just a few weeks ago, but this is probably the biggest collaboration between different government agencies on the issue of digital assets.
More as this story emerges.