China reiterates ban on crypto mining and transactions

bitcoin

China’s central bank has reiterated its stance against cryptocurrency, declaring all transactions involving Bitcoin and other virtual currencies as illegal, whilst also vowing to put an end to cryptocurrency mining. 

On Friday, the People’s Bank of China stated that “Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited.”

China has condemned cryptocurrencies for their ties to fraud, money laundering and excessive energy usage. 

It also comes as China is working on the rollout of a “digital yuan”, a virtual currency being developed by the central bank of China.