People’s Bank of China (PBOC) issued fresh guidelines to eliminate all forms of crypto use in mainland China. The Chinese Central Bank deemed all crypto-related transactions illegal and ordered authorities to take strict action against existing crypto mining farms in the country. It also prohibited any foreign crypto exchanges from offering services in the country.
China Central Bank Says Overseas Cryptocurrency Exchanges Must Not Provide Services To Mainland Investors
China Central Bank Says Cryptocurrency-related Activities Are Illegal
— *Walter Bloomberg (@DeItaone) September 24, 2021
The fresh nationwide crypto ban has led to a sharp decline in cryptocurrency prices including Bitcoin ($BTC), Ethereum ($ETH), and several others. While the crypto enthusiasts were not really shocked by the move given China has banned Bitcoin and other crypto assets on a number of occasions in the past. However, market insiders believe the latest set of guidelines are different from previous
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