China declares transactions of all crypto-currency illegal

China has declared all crypto-currency transactions illegal, leading to the shutdown of exchanges and peer-to-peer trading platforms. This ban includes activities such as the buying and selling of crypto-currencies, developing cryptocurrency-related software, advising on crypto-currencies, mining, and investing in crypto-currencies.

As we know, China is one of the largest cryptocurrency markets. Fluctuations in China often impact the global price of crypto. The price of Bitcoin fell by more than $2,000 (£1,460) in the Chinese announcement.

China has just declared all crypto-currency transactions illegal in the country which was announced in a statement released by the Central Bank and said that “all Chinese banks and credit card companies are not allowed to provide related services.” This includes the buying and selling of crypto-currencies. It also prohibits individuals, companies, or other organizations from providing any services related to cryptocurrency trading or holding virtual currencies.

This will have huge implications for Bitcoin mining operations in China, which account for over 20% of the world’s total mining power. And it will also affect trading volumes in Bitcoin markets around the world, where trading typically occurs.

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