China Bans Cryptocurrency: Why China Declares All Cryptocurrency Transactions Illegal, Bans Bitcoin
The Central Bank of China is not announcing that all cryptocurrency transactions are illegal.
Di kontri apex bank also bans digital tokens like Bitcoin.
“Business activities related to virtual currencies do not become illegal financial activities,” the People’s Bank of China said as they warned that they “seriously endanger the security of pipo assets.”
China is one of the world’s largest cryptocurrency markets.
The price of the Bitcoin bin drops by more than $ 2,000 (£ 1,460) before the Chinese bank gives its announcement.
Say na di last for China’s national restriction on Wetin dem see it as a volatile and speculative investment at best – and more importantly, a way to go 419.
Trading in bin don dey cryptocurrency has been officially banned for China since 2019, but we still continue online through foreign exchanges.
Lots of restrictions don dey say year.
For the month of May, the Chinese state bin sama warning gives buyers to say they will get no protection if they continue to trade Bitcoin and other currencies online, as government officials undertake to increase the pressure on the industry.
By June, banks and payment platforms must stop authorizing transactions and issuing bans on “mining” currency – as well as using powerful computers to make new coins.
But the announcement from Friday’s show indicates that China is seriously considering shutting down cryptocurrency trading in all its forms.
The statement is clear, I say that those who are involved in “illegal financial activities” commit crimes and are prosecuted.
And foreign websites also provide Chinese citizens with online services that also engage in illegal activities, according to a statement.
The core technology of many cryptocurrencies, including Bitcoin, relies on many distributed computers to verify and verify transactions on a giant shared ledger known as the blockchain.
China, with its low electricity costs and cheaper IT hardware, is one of the world’s major mining centers.
The Chinese crackdown has already hit the mining industry.
As of September 2019, China accounts for 75% of global Bitcoin energy consumption. In April 2021, they will drop to 46%.
Kontris wey don ban cryptocurrency
For February 2021, the Central Bank of Nigeria gave the order to ask for financial instructions to close the accounts of any customer involved in cryptocurrency.
Di apex bank also caught ears before giving Kontri Pipo the fact that resellers and investors of any type of cryptocurrency in Nigeria are not protected by law, according to one of 28 CBN circulars.
Algeria banned the use of cryptocurrency after the adoption of a financial law for 2018 that makes it illegal to buy, sell, use or hold virtual currencies.
Bolivia bans the use of Bitcoin for 2014. Solving Bolivian Central Bank issue with banning currency and oda without being regulated by kontri or economic zone.
For Colombia, financial institutions are not allowed to conduct Bitcoin transactions. Di Superintendencia Financiera sama’s warning gives financial institutions for 2014 to say that they will not “protect, invest, negotiate or manage virtual money operations”.
Although cryptocurrency is not illegal for Russia, but the warnings are not against its use.
Russia passed the first laws to regulate cryptos for July 2020, which for the first time conceives of cryptocurrency as taxable property.
The law, which will come into force in January of this year, will also prohibit Russian officials from not obtaining crypto assets.
Russian President Vladimir Putin has repeatedly said that cryptocurrency is not criminal activity.
For July, the attorney general announced a new bill allowing police to seize illegally obtained crypto.
Bank Indonesua, the central bank of Kontri is issuing new regulations prohibiting the use of cryptocurrencies including Bitcoin as a means of payment from January 1, 2018.
State Bank of Vietnam says issuing, supplying and using Bitcoin and other cryptos are illegal as a means of payment and are subject to fines ranging from VND 150 million (€ 5,600) to 200 million VND (7,445 €). ).
On April 16, 2021, the Central Bank of the Republic of Turkey issued a regulation prohibiting the use of cryptocurrencies, including Bitcoin, directly or indirectly, to pay for goods and services.