#China central bank declares #virtualcurrency-related business activities as illegal. No legal tender/crypto exchange; exchange between virtual currency; token issuance; derivatives; providing info; others. Crimes punished. BUT no ban on #crypto POSSESSION.pbc.gov.cn/goutongjiaoliu…
Other key points on #China notice to prevent and manage risk of “hype” in #crypto trading: “overseas virtual currency exchanges providing services to Chinese residents through the Internet are also illegal financial activities.” Chinese working at those outlets held responsible.
More on #China notice on #crypto: those who violate social order or customs will bear the financial loss themselves. Those who are suspected of violating financial order or endangering financial security will be subject to investigation. #virtualcurrency pbc.gov.cn/goutongjiaoliu…
#China central bank reiterates #virtualcurrency “does not have the same legal status as legal tender”. Says #Bitcoin, #ether, and #tether are not legal and “should not and cannot circulate as currency” in the Chinese market. (New part is naming specific #crypto currencies.)
#China defines “illegal” #crypto transactions. Speculation is “derivatives” could mean #NFTs. Central bank “high pressure” drive calls for tight coordination between Beijing and local officials for “early alert” surveillance system of mining, trading, exchange into legal tender. 
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