China Issues Total Ban on Cryptocurrency, Crypto-Trading & Mining
16th September 2021 | Hong Kong
China authority has issued a total ban on Crypto-trading & mining (2021 September) in Mainland China. “On September 15, 2021, the “Notice on Further Preventing and Disposing of Hype Risks in Virtual Currency Transactions” jointly issued by the People’s Bank of China, the Central Cyberspace Administration of China, the Supreme People’s Court and other departments clearly pointed out that virtual currency-related business activities are illegal financial services. It is also an illegal financial activity that overseas virtual currency exchanges provide services to residents in my country through the Internet.” See below for statement.
“ China Issues Total Ban on Cryptocurrency, Crypto-Trading & Mining “
China Issues Total Ban on Crypto, 15th September 2021
China Issues Ban on 15th September 2021
On September 15, 2021, the “Notice on Further Preventing and Disposing of Hype Risks in Virtual Currency Transactions” jointly issued by the People’s Bank of China, the Central Cyberspace Administration of China, the Supreme People’s Court and other departments clearly pointed out that virtual currency-related business activities are illegal financial services. It is also an illegal financial activity that overseas virtual currency exchanges provide services to residents in my country through the Internet. To this end, Chaoyang Court submitted clues to relevant departments as soon as the case was concluded, and sent judicial advice, suggesting to investigate the operation of the website and mobile APP involved in the trial, and prohibit it from continuing to engage in bitcoin and other related activities in mainland China. For virtual currency trading activities, while further arranging other virtual currency trading platform websites, mobile APPs and other carriers, check the situation that financial institutions and payment institutions provide recharge services for virtual currency trading platforms. Financial institutions and payment institutions are strictly prohibited for investment. People’s virtual currency trading activities provide financial services such as recharge and currency exchange.
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