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CHINA DECALARES ALL CRYPTOCURRENCY TRANSACTIONS AS ILLEGAL

CHINA DECALARES ALL CRYPTOCURRENCY TRANSACTIONS AS ILLEGAL

Context:

On September 23, 2021, the Central bank of China has announced all Cryptocurrency transactions as illegal.

Key Points:

  • According to the People's Bank of China (PBOC), Virtual currency-related business activities are illegal financial activities.
  • In accordance with the law, offenders will be “investigated for criminal liability”.
  • The Chinese notice has banned all related financial transactions including cryptocurrencies such as transactions including virtual currency derivatives, trading crypto, selling tokens, and illegal fundraising.

Why the Ban?

  • According to the People's Bank of China, Bitcoin and other currencies have become widespread and are disrupting the economic and financial system.
  • There have also been cases of money laundering, fraud, money laundering, pyramid schemes and other illegal and criminal activities.
  • These disruptions endanger the safety of the human property.
  • Considering these facts, China has declared that everything made with Cryptocurrency is illegal.

About Cryptocurrency:

  • Cryptocurrency is binary data designed to function as an exchange system. Here, the ownership records for each individual are stored in an existing ledger in the form of computer data.
  • Strict cryptography is used to protect transaction records, control the creation of additional coins and ensure the transfer of ownership of funds.

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