China Has Banned All Cryptocurrency Transactions

China has banned all transactions related to cryptocurrencies. The People's Bank of China said that cryptocurrency transactions are banned.

According to Bloomberg News, the People's Bank of China has announced that all transactions related to cryptocurrencies are banned. The People's Bank of China stated in a statement on its website that all transactions related to cryptocurrencies are prohibited and that illegal financial activities related to cryptocurrencies will be punished. In the statement, it was stated that no cryptocurrency, including the largest cryptocurrency Bitcoin, is an official currency and should not be in circulation. The bank added that financial institutions will not be allowed to offer crypto services. Bitcoin fell 4.5 percent after the news, while Ether fell more than 6 percent. Litecoin, Dash, and Bitcoin Cash also fell more than 5%. China has previously implemented drastic measures regarding cryptocurrencies and banned cryptocurrency mining.