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China Warns Cryptocurrencies Must Not Circulate
PBOC Issues Regulatory Notice on Crypto Trading and Overseas Exchanges
Digital Yuan App Now Available in Select Chinese Cities
Beijing, China – The People's Bank of China (PBOC) has issued a regulatory notice stating that cryptocurrencies must not circulate in the country and that overseas exchanges are prohibited from providing services to Chinese citizens.
The notice, issued on September 24, 2021, emphasizes that cryptocurrencies pose significant risks to financial stability and investor protection. It reiterates previous warnings from Chinese authorities that crypto transactions are illegal and subject to punishment.
The PBOC's move comes as the Chinese government continues to roll out its digital yuan, a state-backed cryptocurrency. The digital yuan app is now available for download in select cities across China and is expected to be widely adopted in the coming years.
The PBOC's regulatory notice is a further step in China's efforts to control the cryptocurrency market and promote the adoption of its digital yuan. It is likely to have a significant impact on the global cryptocurrency industry.
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