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Former Deputy National Security Advisor Matt Pottinger discusses Chinese President’s vision to bring China back to socialism on ‘Kudlow’
The People’s Bank of China on Friday called cryptocurrency-related transactions in the country illegal, lowering bitcoin shares by about 4.5%, according to a report.
Bloomberg reported that the central bank posted on its website that all cryptocurrency-related transactions should be prohibited.
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The central bank said it would also engage in illegal trading activities and ban foreign exchanges from providing services to clients in the country, according to a Reuters report. The ban will also apply to otherwise legal trade and will not allow financial and other foreign firms to facilitate such transactions, according to the report.
The Associated Press reported earlier this year that China’s central bank is developing an electronic version of the country’s yuan that could be tracked and controlled by Beijing.
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