China Declares Cryptocurrency Transactions Illegal

They cause illegal actions and money laundering; could this be real?

The Central Bank of China explained that trading in cryptocurrencies has increased “money laundering, illegal fundraising, pyramid schemes, and other criminal and illegal activities.”

The Central Bank of China announced this Friday (24.09.2021) that all financial transactions with cryptocurrencies are illegal, a new regulatory measure against this type of trading.

“Commercial activities linked to virtual currencies,” explained the institution, “seriously endanger” citizens’ property.

The price of cryptocurrencies, including bitcoin, has changed sharply in the last year, partly due to Chinese regulations, which seek to prevent financial speculation and money laundering.

In its statement, the Central Bank also warned that those who do not respect the regulations will be “investigated for unlawful contract in accordance with the law.”

The agency also said that in recent years “trading and speculation with bitcoin and other virtual currencies” have altered “the economic and financial order, increased money laundering, illegal fundraising…