The People’s Bank of China revived its tough stance on digital currencies, ruling all crypt o-related trading activities illegal and banning overseas cryptocurrency exchanges from providing services to mainland investors.

The regulator announced plans to bar financial institutions, payment companies and internet firms from facilitating cryptocurrency trading, as well as to strengthen monitoring of risks from such activities.

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Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity.

Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies.

The move sent bitcoin and other virtual currencies plummeting. The world’s number one digital asset by market capitalization dropped over 5% to below $42,000.

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Other cryptocurrencies followed the declining trend with ether dropping 10% to below $2,800, while dogecoin crashed over 8% to below $0.20, according to the Coinmarketcap website.

The latest ruling comes as part of a broader state-run campaign by Chinese regulators against cryptocurrencies.

Earlier this year, Beijing banned mining in major bitcoin hubs, such as Sichuan, Xinjiang and Inner Mongolia, which led to a sharp drop in bitcoin’s processing power, as multiple miners took their equipment offline.

RT. com / ABC Flash Point Crypto-Currency News 2021.

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Mikhail Yakunkin
Mikhail Yakunkin
Guest
24-09-21 10:31

Good news for global economy.
This mitigates risks of another crises, created by Zionistic Wall Street.

Beija Flor
Beija Flor
Guest
24-09-21 10:33

With the full roll out of Digital Yuan, I think China is just trying to overpower the potential competition. Does this mean El Salvador, the country, is considered illegal? There goes El Salvador trade with China, not that there is much to begin with.

Domino
Domino
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Reply to  Beija Flor
24-09-21 10:34

comment image

999justforfun
999justforfun
Guest
24-09-21 10:34

Bitcoin announced on the front cover of “The Economist” of zio- Rothschild magazine of 1988, crashes after China rules all crypto-related transactions illegal.