China says all crypto-related transactions are illegal, again vows crackdown

Photo: A worker adjusts cryptocurrency mining rigs. AFP via Getty Images. Article by Will Feuer and Theo Wayt. New York Post – September 24, 2021.

A group of government entities in China declared all financial transactions involving cryptocurrencies illegal on Friday and issued a nationwide ban on cryptocurrency mining, intensifying an ongoing crackdown and sending crypto prices plummeting.

“Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said in a notice posted on its website, adding that such activity “seriously endangers the safety of people’s assets.” […]

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