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China Bans Cryptocurrency Transactions

Central Bank Declares Cryptocurrencies Illegal

Overseas Exchanges Barred from Providing Services

The People's Bank of China (PBOC) has announced that all cryptocurrency transactions in the country are illegal. The central bank stated that cryptocurrencies must not circulate and that overseas exchanges are barred from providing services to Chinese citizens.

This move by the PBOC is the latest in a series of crackdowns on cryptocurrencies in China. In recent years, the Chinese government has banned initial coin offerings (ICOs), closed down cryptocurrency exchanges, and blocked access to foreign cryptocurrency websites.

The PBOC's ban on cryptocurrency transactions is likely to have a significant impact on the global cryptocurrency market. China is one of the world's largest markets for cryptocurrencies, and the ban is likely to reduce demand for digital tokens.