China Central Bank Bans all Cryptocurrencies Including Bitcoin, Illegal & Cannot be Circulated

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China Central Bank Bans all Cryptocurrencies Including Bitcoin, Illegal & Cannot be Circulated

24th September 2021 | Hong Kong

China Central Bank, the People’s Bank of China, has officially banned all cryptocurrencies including Bitcoin and Tether, declaring them as illegal which are not fiat currency and therefore cannot be circulated.  Fiat money is money or currency made legal tender by a government.  China has also banned banks from offering crypto-related services to further eliminate usage of cryptocurrencies for fraud, money-laundering and also resulting in excessive energy usage. 

“ China Central Bank Bans all Cryptocurrencies Including Bitcoin, Illegal & Cannot be Circulated “

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People’s Bank of China to Ban All Cryptocurrencies

The announcement was made on the official website: People’s Bank of China. Visit: Website

In July 2021, China financial authority had crackdown on virtual currency, issuing warning to financial institutions and businesses not to directly or indirectly provide virtual currency-related services to customers, and consumers to not to participate in the hype of virtual currency (Bitcoin, Cryptocurrency etc).  The statement issued on 6th of July 2021 (Tuesday), also ordered a Chinese company Beijing Tongdao Cultural Development to cancel its software services for virtual currency transactions.  View: Statement

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