China declares all crypto-related transactions illegal and forbids overseas exchanges from serving its citizens.
The PBOC said all crypto-related transactions are not allowed under the law.
Activities considered illegal cover a range of operations, such as buying and selling virtual assets as a central counterparty, and providing intermediary or pricing services for crypto transactions. It also includes token issuance financing, crypto derivatives transactions, and other activities suspected of illegal sale of tokens.
"Those who carry out related illegal financial activities that constitute a crime shall be investigated for criminal responsibility in accordance with the law,"
China's market regulators and the Ministry of Public Security said cryptocurrency is "disrupting the economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property."
How will this impact Bitcoin and other cryptoprojects?? What do you think guys?
At this point, no one cares at all to be honest. Their ban I doubt would have any affect in the market at all. This was announced few hours ago and we haven't seen any major changes in the price. The Chinese government wants to have full control over their people. Now if their people doesn't care, then we shouldn't too. I mean, if their people were against this ban, they would have already start protesting it. But looks like they are fine with it. Did they really say "endangering the safety of people's property"? Lol. What a joke.