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China Bans Cryptocurrency Operation Within The Country

Philip Aladino

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Ban of cryptocurrency in China

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%.

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Dino is a Tech Consultant. Entrepreneur, Website/Blog Developer, Graphic Designer, Blogger and Digital Marketer, he has long been freelancing for more than 6 years before starting up Smartcoretech, during this time was writing for websites like Opera News Hub, Paulworkspace, thescoove.africa etc. He is currently reporting on tech related contents on company's such as Apple, Google, Microsoft, Xiaomi, Facebook, Twitter etc. He also writes on Phone Reviews and Movies. When he is not writing he is working as an IT Manager for a company in his Local. Feel free to contact him via any of the available channels present