China continues to aggressively crack down on cryptocurrencies, with the People's Bank of China saying that cryptocurrencies
The bank claims that cryptocurrencies are notfiat currency and cannot be in circulation. Any transactions with cryptocurrencies are now considered criminal financial activity. The bank told financial and internet companies to stop allowing cryptocurrency transactions on their platforms. Foreign exchanges are also prohibited from providing services to Chinese residents.
The rise of cryptocurrencies has caused an increase in “launderingmoney, illegal fundraising, fraud, pyramid schemes and other illegal and criminal activities”, – stated at the bank. Persons who violate the rules will be subject to “investigation for criminal liability”.
Several departments in the country operatejointly led by the National Development and Reform Commission to finally put an end to cryptocurrency mining in the country. It is known that the local government of Sichuan province banned cryptocurrency mining in June, forcing some miners to leave the country.
Source: Bloomberg, Techcrunch
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