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Stepping up its crackdown on cryptocurrencies, the Asia’s largest economy on Friday declared all transactions involving Bitcoin, other virtual currencies illegal.
Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. “Recently, virtual currency trading hype activities have risen, disrupting economic and financial order, breeding illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering,” China’s Central Bank said.
The notice clarifies that cryptocurrencies do not have a legal status in China. “Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website.
“China has reiterated its earlier stance from 2017 that Bitcoin and other cryptocurrencies can’t be transacted as legal tender or mined in the country and has banned all financial institutions from enabling crypto transactions. They have also banned foreign exchanges from providing services to its residents. However, Bitcoin has not been banned in China in terms of possession or as an investment. While reiterating an earlier stance often creates doubt in new investors, we believe that the crypto ecosystem has evolved in the last couple of years to be independent of any country or legislation,” said Vikram Subburaj, Co-Founder and CEO Giottus Crytocurrency Exchange.
The latest notice mentioned Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.
While promoters of cryptocurrencies argue that they allow anonymity and flexibility, Chinese regulators are of an opinion that they might weaken the ruling Communist Party’s control over the financial system and harbor criminal activities.
“In the short-term, this may impact pricing negatively given a possible sell-off but the ecosystem should recover in the upcoming weeks. Earlier this year, a crackdown on Bitcoin mining in China meant that its hash rate dropped by 40 per cent temporarily. However, the hash rate soon returned to normal levels within couple of months as miners migrated to other friendly nations in North America and Europe. We don’t foresee a medium to long-term impact of this announcement especially in India,” Subburaj added.