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Central Bank of China considers crypto activity unlawful

 


Cryptocurrency might have become a successful digital monetary technology still, but it is not looked upon positively from the perspective of the Central Bank of China. It regards activity in digital currency as totally illegitimate. China’s central bank mentioned this in a tough talk on Bitcoin, calling it illegal and taking a pledge to curb it down on the market.


According to a post on a website, PBOC , the services like issuing tokens, trading, virtual currencies derivatives, and matching of the order does not come under any legality in the eyes of law. All these are prohibited. Not only this, but the offering of services by cryptocurrency exchanges overseas is also illegal.


PBOC also further stated that the use of the internet by virtual exchanges overseas for providing services to residents is considered an illegal financial activity in China. Adding more to it, the investigation would also be done on the working of crypto exchanges in foreign.


The central bank of China also referred to the necessary upgrades in its systems regarding controlling transactions made with cryptocurrencies and plucking out hypothetical investments. Well, there is nothing new that happened in seeing China’s tough stance on cryptocurrency. 


Earlier, it decided upon pulling down the mining of cryptocurrency. A process that involves a process that requires energy and checks the transactions, and minting of new currency units. This resulted in bringing down the processing power of Bitcoin, as the equipment was taken offline by several miners. Read Cryptoknowmics blogs and find out about free Ethereum cloud mining sites.


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