China Declares All Cryptocurrency Transactions Illegal

Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year.

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FILE - In this Feb. 9, 2021, file photo, the Bitcoin logo appears on the display screen of a cryptocurrency ATM at the Smoker's Choice store in Salem, N.H. China’s central bank on Friday, Sept. 24, 2021, declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. (AP Photo/Charles Krupa, File)
Image via AP Photo/Charles Krupa

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

BEIJING (AP) — China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks. Friday’s notice complained Bitcoin, Ethereum…

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