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China Bans All Cryptocurrency Transactions

Regulators Intensify Crackdown

Digital Tokens Now Illegal in the Country

China's central bank has announced a nationwide ban on all cryptocurrency transactions, effectively outlawing the use of digital tokens such as Bitcoin within the country. The move represents a significant escalation in China's ongoing crackdown on cryptocurrency, which has been underway for several years.

The ban was announced by the People's Bank of China (PBOC) in a statement released on Friday, September 24. The statement declared that all financial transactions involving cryptocurrencies are now illegal in China, including buying, selling, and exchanging digital tokens.

The PBOC's announcement is the latest in a series of measures taken by Chinese authorities to crack down on cryptocurrency. In 2017, the PBOC banned initial coin offerings (ICOs), and in 2019, it ordered all cryptocurrency exchanges in China to shut down.

The ban is expected to have a significant impact on the cryptocurrency market, as China is one of the largest markets for digital tokens. It is also likely to further increase scrutiny of cryptocurrency by regulators around the world.