On the 24th, the Chinese government announced that it will completely ban related services as illegal acts, saying that cryptographic assets such as "Bitcoin" are being used for criminal acts as well as disrupting economic order.

The People's Bank of China and the Ministry of Public Security, which are the central banks of China, announced on the 24th that they will completely ban related services such as providing information and payment for crypto assets such as "Bitcoin".



It clearly states that transactions with overseas exchange companies via the Internet are also prohibited.



Furthermore, the reason is that crypto assets disrupt the economic and financial order and are used for criminal acts such as money laundering and fraud, and if they violate it, they are illegal financial activities. It is supposed to pursue criminal liability.



In China, trading of crypto assets was already regulated, but this time, we have shown a stance of further crackdown.



Immediately after this announcement, the price of "Bitcoin" dropped sharply for a while, which is also affecting the price of crypto assets.



The Chinese government seems to be aiming to keep out crypto assets that are out of the control of the government while conducting proof-of-concept tests toward the issuance of the electronic legal tender "Digital RMB".

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