China completely bans virtual currency

The people’s Bank of China issued a circular on preventing and dealing with the risk of speculation in virtual currency transactions on the 24th, comprehensively prohibiting services related to virtual currency settlement and providing trader information. Virtual currency with the characteristics of non-monetary authorities issuing, using encryption technology, distributed account or similar technology and existing in digital form does not have the legal status of legal currency and shall not circulate in the market. Any business activity related to virtual currency is illegal.Financial institutions are prohibited from carrying out and participating in virtual currency related businessesClean up and ban domesticRead More →

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