China’s central bank has said that all cryptocurrency related transactions are illegal in the country and are banned.
According to TechCrunch, the bank disclosed this on Friday, citing concerns around national security and safety on assets.
The bank also banned foreign exchanges from providing services to users in the country.
Ten Chinese government agencies have vowed to maintain a high-pressure crackdown on trading of cryptocurrencies in the nation.
In a statement, the People’s Bank of China banned internet, financial and payment companies from facilitating cryptocurrency trading on their platforms.
China’s central bank said cryptocurrencies, including Bitcoin and Tether, could not be distributed in the market since they were not fiat currency.
The bank added that the surge in usage of cryptocurrencies had disrupted economic and financial order, and prompted the spread of money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities.
