China Declares All Cryptocurrency Transactions Illegal While the U.S. and EU Prepare Further Crypto Regulation

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Tuesday, October 12, 2021
Author: 
Matteo Formaggi [1]
Volume: 
37
Issue: 
10
Abstract: 

On September 24, 2021, China officially declared illegal all crypto transactions.[1] China’s central bank stated that the cryptocurrency business activities seriously harm the safety of people’s assets.



[1]  China’s ban extends to crypto exchanges that do business with Chinese citizens even if those people are located outside of China