$ 19,157.60
$ 1,064.16
$ 1.00
$ 0.451322
$ 0.313302
$ 1.00

Another Cryptocurrency Ban Issued by China’s Central Bank

The People’s Bank of China (PBOC) adopted a resolution effectively prohibiting any cryptocurrency-related company.

The PBOC claims that the surge in cryptocurrency trading has disrupted economic and financial stability in its announcement. It has also contributed to the rise of illicit and criminal activity, according to the central banks. Gambling, fraud, pyramid schemes, illegitimate fund-raising, and money laundering, according to the PBOC, pose a major threat to the safety of user’s belongings.

The PBOC published a statement to address the dangers associated with digital currency trading speculation.

The Chinese central bank’s first objective was to clarify that cryptocurrency does not have the same legal standing as legal currency.  As a result, digital currency-related financial activities are ultimately illegal, per the PBOC.

The notification goes into greater depth about the behaviors that have been made illegal as a result of this situation. Any exchange involving cryptocurrencies is now illegal. This involves exchanging cryptocurrencies as a central counterparty and exchanging legal and cryptocurrencies. The PBOC deems overseas exchanges that provide services to Chinese residents to be illicit financial operations.

It is also unlawful to provide intermediate information and pricing services for cryptocurrency exchanges. This is applicable for token issuance financing, cryptocurrency derivatives, and other cryptocurrency-related financial activities.

The notice also detailed how Chinese officials plan to make the banning of cryptocurrencies easier to execute, including by coordinating departments and beefing up enforcement. The government also plans to improve risk monitoring and early warning systems for cryptocurrency exchange hearsay.

Also read: Crypto Exchanges Lessen as New South Korean Regulation is Enforced

Also read:

Related News

Updates have been provided on the current service freeze and new recovery efforts were outlined by the company.

Potential Solutions Are Being Considered By Celsius

Strategic deals and liabilities restructuring are being explored by Celsius. Updates have been provided on the current service freeze and new recovery efforts were outlined by the company. On June 12th, all transitions, withdrawals, and swaps were put on pause by Celsius and as of now, the company is looking for ways to recover. “Important steps to preserve and protect assets and explore options” are being taken by the company, per

Read More »
As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD).

Withdrawal Resumption Plan Is Not Moving Forward, CoinFLEX Backs Down

Withdrawals will not be resumed as anticipated, following a halt last week, CoinFLEX announced. As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD). After the token sale is completely carried out, CoinFLEX will disclose the process for permitting withdrawals, stated CEO Mark Lamb. “Extreme market conditions and continued uncertainty involving a counterparty” led CoinFLEX to hit a pause

Read More »
Just recently, the company had to reduce over 1% of its global workforce, making Coinbase vulnerable to the current market crash.

Coinbase Looking to Expand In Other Countries

Following the layoffs and rescinding of employment offers, the cryptocurrency exchange Coinbase intends to grow deeper into Europe. The intentions to register in nations such as Italy, Spain, France, and the Netherlands, were announced by Nana Murugesan, vice president of the California-based crypto exchange. Countries such as Germany, Ireland, the United Kingdom, and even Switzerland, where the first employee was hired recently, already have Coinbase as a licensed crypto exchange.

Read More »

My Coins

$ 19,157.600.49%
$ 1,064.161.33%
$ 0.4513220.79%
$ 1.000.07%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: