PBOC Says All Crypto-Related Transactions Are Illegal

2 min read | September 24, 2021 08:22 PM AEST | By Manu Shankar

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PBOC Says All Crypto-Related Transactions Are Illegal — Image source: cozy, shutterstock.com

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Highlights

The People’s Bank of China (PBOC) has said that as cryptocurrencies don’t form a part of the payment system, the cryptos such as Bitcoin, Ethereum etc cannot be circulated in the market.

On Friday, Bitcoin was perhaps one of the first one to react to the statement as its prices immediately dropped by 3.70% and was trading at US $42,455.50.

In a major crackdown on the cryptocurrency market, China’s central bank, The People’s Bank of China, announced that all the cryptocurrencies in the country will now be deemed illegal and should be banned from trading.

The People’s Bank of China (PBOC) on its website said that as cryptocurrencies don’t form a part of the regularised payment system, the cryptos such as Bitcoin, Ethereum etc cannot be circulated in the market. This comes as a big jolt to the holders of the cryptocurrencies as this would mean that the services provided by the offshore exchanges to domestic residents will now be considered as illegal financial activity.

Bitcoin was perhaps one of the first ones to react to the statement on Friday as the prices immediately dropped by 3.70% and was trading at US $42,455.50 with a 24-hour trading volume of US $34,32,53,43,044. Ethereum too wasn’t far behind as it slumped by 7.89% and was trading at US $2,859.91 with a 24-hour trading volume of US $18,84,53,19,699.

Meanwhile, the nation’s economic planning agency said it is an urgent task for China to root out crypto mining and the crackdown is important to meet the country’s carbon goals.

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