Bulletins

China's central bank says all crypto transactions are illegal

And authorities say they're ready to crack down on it.

Bitcoin

The move comes after months of increased regulation of China's crypto sector.

Image: Protocol.

The People's Bank of China said all crypto-related transactions are illegal, Bloomberg News reported Friday.

The announcement was published on the PBOC's website and signed by the PBOC and a number of other Chinese regulatory bodies. In the post, the authorities said that virtual currency-related business activities were illegal financial activities, adding that they are now strictly prohibited. The rules will affect businesses outside of China, too: The statement also said that the provision of such services by overseas exchanges to Chinese residents via the internet was also illegal.

The value of bitcoin has fallen by 2.9% in the past 24 hours. Ethereum's value fell by 7.4% in the same period.

Chinese regulators appear ready to enforce these rules, having established a system of coordinating between government departments. In the statement, regulators promised to crack down on crypto activity.

The move comes after months of increased regulation of China's crypto sector. The government has made it harder to use crypto in the country, and has repeatedly shut down crypto mining operations.

Shakeel Hashim

Shakeel Hashim ( @shakeelhashim) is a former growth manager at Protocol, based in London. He was previously an analyst at Finimize covering business and economics, and a digital journalist at News UK. His writing has appeared in The Economist and its book, Uncommon Knowledge.

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Bulletins