Is cryptocurrency legal in China?

The People's Bank of China said Friday that all cryptocurrency-related transactions are illegal. The central bank said cryptocurrencies "are not legal, and should not and cannot be used as currency in the market." It also banned foreign exchanges from providing crypto services to local residents in China's biggest crackdown move yet.

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

Are virtual currencies legal in China?

Coins such as bitcoin and ether "are not legal and should not and cannot be used as currency in the market," the People's Bank of China said in a statement. Virtual currencies do not have the same legal standing as fiat currency as they are issued by non-monetary authorities and use encryption technology, it said.

Is bitcoin banned in China?

Bitcoin dives as China cracks down on crypto Trading crypto-currency has officially been banned in China since 2019, but has continued online through foreign exchanges. However, there has been a significant crackdown this year.