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China Declares All Cryptocurrency Transactions Illegal

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FILE - In this Feb. 9, 2021, file photo, the Bitcoin logo appears on the display screen of a cryptocurrency ATM at the Smoker's Choice store in Salem, N.H. China’s central bank on Friday, Sept. 24, 2021, declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. (AP Photo/Charles Krupa, File)

(AP) — China’s central bank has declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks. The central bank complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crime. The People’s Bank of China is developing an electronic version of the country’s yuan for cashless transactions that can be tracked and controlled by Beijing.

 

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