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China cracks down on crypto transactions

China’s central bank announced a clampdown on cryptocurrency trading on Friday, calling all digital currency activities illegal, and vowed to crack down on the sector.

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China cracks down on crypto transactions

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

In a Q&A posted to the People's Bank of China (PBOC) website, the central bank said services offering trading, order matching, token issuance, and derivatives for virtual currencies are strictly prohibited.

CNBC translates the document as stating: “Overseas virtual currency exchanges that use the internet to odder services to domestic residents is also considered illegal financial activity […] Financial institutions and non-bank payment institutions cannot offer services to activities and operation related to virtual currencies.”

Earlier this month China turned its sights on cryptocurrency miners, with the National Development Reform Commission targeting those who attempt to disguise themselves as data researchers or storage facilities.

In July this year, the PBOC shut down a Beijing-based software firm because of its suspected involvement with crypto trading.

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Comments: (2)

A Finextra member 

Crypto is a con, a crime tool, a help for tax evasion.  It needs to be abolished globally!

Kris Vlas

Kris Vlas Partnership Manager at http://TradeSanta.com

I think the old China fud could help pump the price to

 

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