coin-img-RNBWRNBW-85.31%coin-img-TRIATRIA-0.30%coin-img-BIRBBIRB+30.88%coin-img-HYPEHYPE+3.77%coin-img-MOLTMOLT-27.15%coin-img-ZAMAZAMA+2.28%coin-img-ETHETH+2.08%coin-img-BTCBTC+2.29%coin-img-RNBWRNBW-85.31%coin-img-TRIATRIA-0.30%coin-img-BIRBBIRB+30.88%coin-img-HYPEHYPE+3.77%coin-img-MOLTMOLT-27.15%coin-img-ZAMAZAMA+2.28%coin-img-ETHETH+2.08%coin-img-BTCBTC+2.29%coin-img-RNBWRNBW-85.31%coin-img-TRIATRIA-0.30%coin-img-BIRBBIRB+30.88%coin-img-HYPEHYPE+3.77%coin-img-MOLTMOLT-27.15%coin-img-ZAMAZAMA+2.28%coin-img-ETHETH+2.08%coin-img-BTCBTC+2.29%coin-img-RNBWRNBW-85.31%coin-img-TRIATRIA-0.30%coin-img-BIRBBIRB+30.88%coin-img-HYPEHYPE+3.77%coin-img-MOLTMOLT-27.15%coin-img-ZAMAZAMA+2.28%coin-img-ETHETH+2.08%coin-img-BTCBTC+2.29%

PBoC and Seven Chinese Authorities Ban Virtual Currency Business Activities as Illegal Financial Conduct

The People's Bank of China and seven government departments issued a notice on Feb. 6 declaring that virtual currencies including Bitcoin, Ethereum and Tether lack legal tender status and must not circulate as currency. The notice classifies fiat-to-crypto exchange, crypto-to-crypto swaps, acting as central counterparty, providing information intermediation and pricing services, token issuance and financing, and trading of crypto-related financial products as illegal financial activities subject to strict prohibition. The authorities also banned overseas entities from offering crypto-related services to domestic parties and stated that no entity may issue renminbi-pegged stablecoins without approval, as such stablecoins perform legal tender functions in circulation.
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