CHINA has announced that all transactions of crypto-currencies are illegal, banning digital tokens such as Bitcoin, reports BBC News.
'Virtual currency-related business activities are illegal financial activities.' said the People's Bank of China, saying it endangers the safety of people's assets.
The price of Bitcoin fell US$2,000 in the wake of the Chinese announcement.
In May, Chinese state institutions warned buyers would have no protection for trading Bitcoin and other currencies online, as government officials vowed to increase pressure on the industry.
In June, banks and payment platforms were told to stop facilitating transactions, issuing bans on mining the currencies.
SeaNews Turkey
'Virtual currency-related business activities are illegal financial activities.' said the People's Bank of China, saying it endangers the safety of people's assets.
The price of Bitcoin fell US$2,000 in the wake of the Chinese announcement.
In May, Chinese state institutions warned buyers would have no protection for trading Bitcoin and other currencies online, as government officials vowed to increase pressure on the industry.
In June, banks and payment platforms were told to stop facilitating transactions, issuing bans on mining the currencies.
SeaNews Turkey
