People’s Bank of China announced cryptocurrencies transactions are now illegal.
China has the worlds largest cryptocurrency market.
However, the country officially banned trading in 2019, as it was suspicious of bitcoin.
The bank said,
Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited.
The offenders would be investigated for criminal liability in accordance with the law.
The notice bans all financial activities that are done via cryptocurrencies like trading crypto, selling tokens, transactions.
Since 2013, Chinese banks have banned the cryptocurrencies like bitcoin.
Investors and analysts around the world have kept an eye on the news of banning cryptocurrency transactions.
