China outlaws all crypto transactions and bans mining

PBoC, cyber watchdog and central economic planner act in a joint crackdown on crypto

People’s Bank of China headquarters, Beijing

All crypto-related operations are “illicit financial activities” and could result in criminal charges, 10 of China’s top financial watchdogs and state agencies declared in a joint notice on September 24.

Exchanging cryptocurrency with fiat money, trading crypto and derivatives, issuing tokens, and providing market-making or technical assistance for crypto transactions are all illegal, the agencies said.

Providing crypto services to Chinese citizens via overseas crypto exchanges is also illegal

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