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China has declared all crypto trading including Bitcoin illegal, issued new rules

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HIGHLIGHTS :

  • China’s People’s Bank of China Declares Crypto Trading Illegal
  • New rules regarding trading
  • Financial institutions and payment companies are banned from doing business in crypto

Big news came in the cryptocurrency market on Friday, where it was revealed by the news agency that China’s central bank has outlawed cryptocurrency trading. The bank has also issued new rules to rein in cryptocurrencies. The central bank has banned all foreign cryptocurrency exchanges from serving Chinese investors via the Internet. New rules enacted by China’s central bank – the People’s Bank of China – will bar financial institutions, payment companies and internet firms from trading in cryptocurrencies. You can also call it the end of the era of cryptocurrency trading in China.

China’s People’s Bank of China Declares Crypto Trading Illegal

According to the news agency Agence France-Presse, China’s central bank PBOC has banned financial institutions, payment companies and internet firms from trading in cryptocurrencies and outlawed cryptocurrency transactions. This is not the first time that such a big decision has been taken in China regarding cryptocurrencies. In May this year, the State Council of China made a commitment to bitcoin mining and trading in the name of curbing financial risks. Ten Chinese government agencies, including the central bank the People’s Bank of China as well as banking and foreign currency regulators, said in a joint statement that they would maintain and work together to crack down on speculative trading in cryptocurrencies.

Global prices of cryptocurrencies, including bitcoin, have seen massive fluctuations in recent times due to new regulations issued by China. Till writing the news, the price of bitcoin in India was up to Rs 33.7 lakh. After this latest action by China, the price of bitcoin has seen a fall on Friday.

New rules regarding trading

Bitcoin, which was falling even before the announcement, fell by 6.0 percent to $42,256 after the announcement.

  • Financial institutions and payment companies are banned from doing business in crypto

Recently, India’s central bank had also expressed concern over transactions in cryptocurrency. Reserve Bank of India Governor Shaktikanta Das had said that the central bank would be able to create a cryptocurrency like Bitcoin.

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