On September 24th, the People’s Bank of China announced all cryptocurrency transactions in the country have been deemed illegal. This comes after the government officially banned cryptocurrency trading in 2019.
“Virtual currency-related business activities are illegal financial activities [and] seriously endangers the safety of people’s assets,” reads a translated statement from Chinese officials.
In May of 2021, government representatives spoke out against cryptocurrency trading. Additionally, officials warned traders that they would have no legal protection for the investments. In June, the CCP told banks to stop all crypto transactions after issuing a ban on mining cryptocurrencies.
(All information was provided PC Gamer)
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