Can cryptocurrencies circulate in China?

The People's Bank of China (PBOC) said cryptocurrencies must not circulate and that overseas exchanges are barred from providing services to China-based investors. It also barred financial institutions, payment companies and internet firms from facilitating cryptocurrency trading nationally.

Why is bitcoin taking a hit as China declares all cryptocurrency transactions illegal?

Bitcoin takes a hit as China declares all cryptocurrency transactions illegal The decision was made "in order to safeguard people's properties and maintain economic, financial and social order," the People's Bank of China has said. Inside one of the nation's largest cryptocurrency mines July 5, 202105:27

What's new in China's crackdown on crypto?

Explainer: What's new in China's crackdown on crypto? China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in 2013 and 2017.

What do China's new crypto rules mean for the crypto market?

Winston Ma, NYU Law School adjunct professor and author of the book "the Digital War", said the new rules were designed to completely cut crypto-related transactions out of China's financial systems, and expects the government to roll out new regulations targeting crypto assets.