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The People’s Bank of China makes all crypto-related transactions illegal

China finally expanded its crackdown on cryptocurrencies beyond the mining industry.The People’s Bank of China (PBOC) today Announce All transactions involving virtual currencies-with the exception of one major exception that we will discuss later-are illegal.

The People’s Bank of China is releasing New encryption related rules In June, “virtual currency trading speculation disrupts the normal economic and financial order, breeds the risks of illegal cross-border asset transfers, money laundering and other illegal and criminal activities, and seriously infringes the people’s property safety.”

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