- May 15, 2015
China's central bank has doubled down on its moves to crush cryptocurrency and announced that all transactions involving cryptocurrencies are illegal, effe
China's central bank has doubled down on its moves to crush cryptocurrency and announced that all transactions involving cryptocurrencies are illegal, effectively signaling an outright ban.
People’s Bank of China said in an announcement on Friday services offering transactions, trading, token issuance, and derivatives for cryptocurrencies are “all illegal financial activities and are strictly prohibited.” They added that overseas virtual currency exchanges that provide services to Chinese residents through the Internet were also engaging in illegal financial activity.
The announcement, written in Chinese, is currently not mentioned on the English language version of the website.
Cryptocurrency markets have been struggling in recent weeks and this announcement triggered another downturn, with the price of Bitcoin falling by more than $2,000 (£1,460) in the wake of the news, while other leading cryptocurrencies like Ether, EOS, Litecoin, and Dash all saw significant losses.