China: Declaration of crypto-currency transactions as illegal
Progress
Current status
adopted
24 Sep 2021 adopted
Scope
Implementers
China
Policy Area
Authorisation, registration and licensing
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
central bank
Implementation Level
national
Timeline of events
Crypto-currency transactions declared as illegal financial activities
On 24 September 2021, the People's Bank of China declared all transactions involving virtual currencies as illegal financial activities, reasoning that the move was necessary for the protection of private property. After banning the trade of crypto-…
SourceEvent type
order
Action type
adoption
Government branch
executive
Government body
central bank