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.
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