It is the final blow to cryptocurrencies. If China had already been fighting against this digital means of exchange for some time, now it has just taken the final step by prohibiting, through the central bank of China, absolutely all cryptocurrency transactions.
Cryptocurrency transactions, illegal
The People's Bank of China claimed that services offering transactions, trading, token issuance and derivatives for cryptocurrencies are "all illegal financial activities and are strictly prohibited ."
For China, cryptocurrency trading is a threat to the 'social order' and there are already ten China-based agencies that have pledged in a joint statement to collaborate in a "high pressure" crackdown on cryptocurrency trading in this country.
According to the bank, digital currencies have disrupted the "economic and financial order" and greased the wheels of "money laundering, illegal fundraising, fraud, pyramid schemes and other illegal and criminal activities," says the report.
This latest move by China has been in the works for a long time. In May 2021, they signaled a crackdown on cryptocurrency payments saying that banks and online payment channels should not accept cryptocurrencies as payment or offer services related to them. Now, they have dealt the final blow.
