China Central Bank has now proclaimed all Cryptocurrency transactions within the country as illegal and should be avoided. This decree went out in an order issued on Friday 24th September 2021 which China’s apex bank also banned all commercial banks, payment companies and fintechs companies operating in China from engaging in cryptocurrency transactions.
This is one of the latest slanders in series of onslaught by the highly conservative country against the use of cryptocurrencies. The federal banking authorities also went as far as prohibiting international crypto exchanges from providing their services to investors within the country effectively banning their operations in the nation.
To adhare strict compliance to this new law, China’s CBN pronounced that it is steping up monitoring of risks from activities relating to cryptocurrency. Meanwhile Bitcoin value has since then fallen as much as 4.5% as a result of the order and Ethereum currency by 6.5%.