China Says All Cryptocurrency-related Transactions Are Illegal and Must Be Banned

China's central bank said on Friday that all cryptocurrency-related transactions are illegal in the country and they must be banned, citing concerns around national security and 'safety of people's assets.' From a report: The world's most populated nation also said that foreign exchanges are banned from providing services to users in the country. The People's Bank of China separately ordered internet, financial and payment companies from facilitating cryptocurrency trading on their platforms. The central bank said cryptocurrencies cannot be circulated in the market as they are not fiat currency. Offenders, the central bank warned, will be 'investigated for criminal liability in accordance with the law.'

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