Is bitcoin illegal in China?

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. "Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".

Are virtual currency-related business activities illegal?

"Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets". China is one of the world's largest crypto-currency markets. Fluctuations there often impact the global price of crypto-currencies.

Are China's new rules on overseas currency transfers capital controls?

China's new rules on yuan transfers are not capital controls: Xinhua. BEIJING (Reuters) - China’s new rules on overseas currency transfers are not capital controls, the official Xinhua news agency reported, even as some banks told customers that purchases of foreign currency for property, securities and life insurance were not allowed.

What is China doing with virtual currencies?

China has waged a years-long campaign again virtual currencies dating back to 2013, when it banned banks from handling bitcoin transactions. In 2017, it also ordered local cryptocurrency exchanges to cease operations, forcing people in China to use off-shore exchanges.