China Tags All Cryptocurrency Illegal, Bans All Minor & Major Crypto Exchanges

China’s central bank is not taking a break in their quest to crackdown on bitcoin and all other cryptocurrency assets and crypro-related businesses in the country.

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This development which started few months ago took a huge turn today in a statement released by The People’s Bank of China on Friday, the regulator claimed all cryptocurrency trading activities in China illegal and foreign cryptocurrency exchanges are no more allowed by the law to operate and conducts its businesses in the country.

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The Chinese government also vowed to tighten its grip on local financial institutions, payment services, and Internet providers to keep them away from facilitating any form of cryptocurrency trading.

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The further it’s grip, Overseas crypto exchanges providing services in mainland China are also illegal, the PBOC said. “Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity.” PBOC added:

This news had an immediate unwanted effect on the crypto market, with the main coins  (Bitcoin fell 2.7%, while Ethereum is 2.8% lower) showing lower results over the last hour.

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