China’s central bank has announced that all transactions of cryptocurrencies are illegal. “Virtual currency-related business activities are illegal financial activities,” the People’s Bank of China said, warning they “seriously endanger the safety of people’s assets.”

This latest decree is the final blow to non-government-issued crypto in China, where trading in cryptocurrency has “officially” been banned since 2019. Unsurprisingly, crypto prices are in freefall this morning on the news, but it is unclear what (if any) long-term impact will result from China taking its people off the DeFi grid.

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications, co-founder of Metacademy, and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and his latest book, Blockchain - Cryptocurrency, NFTs & Smart Contracts: An executive guide to the world of decentralized finance, is an Amazon #1 Bestseller. Follow @shellypalmer or visit



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