The government of China is taking stricter steps against the crypto sector. Authorities teamed up to ban crypto activities.
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On September 24, China's central bank said all crypto-related transactions are considered illegal. Foreign exchanges can't deliver services to people from China.The Central Bank together with nine other departments released a Notice on mitigating the risks connected with virtual currency operations.
As mentioned in the "Notice" the step is meant to constantly maintain a high-pressure crackdown on digital currency trading activities.
Regulators aim to achieve this by these steps: setting up a systematized working mechanism that will coordinate and promote the process of work. PBOC and China’s Central Cyberspace Administration built a more effective system to identify and discover cryptocurrency transactions.Forming a multi-dimensional disposal system, through which financial management departments, telecommunication, public security, market control, and others will cooperate to close and shut down payment channels, crypto-related websites, and apps.
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Prices of cryptocurrencies have dropped after the release of the announcement. Currently, Bitcoin trades at around $42.400 and Ether at $2.900.