Chinas central bank said all cryptocurrency-related transactions are illegal and must be banned, sending the strongest signal yet on its determination to crack down on the industry. All cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market, the Peoples Bank of China said on its website. All crypto-related transactions, including services provided by offshore exchanges to domestic residents, are illicit financial activities, the PBOC said in the statement.
These statements of the People's Bank of China were made more than a year ago, but since then nothing significant has changed in relation to the cryptocurrency in this country. In China, such statements have been made constantly over the past five years, to which the cryptocurrency market no longer reacts as violently as it did at first. The Central Bank of China is not a legislature, and its statements have never been translated into its regulations. The main thing is that in China there are no laws yet that would prohibit the circulation of cryptocurrency.