China declares all cryptocurrency activities illegal

China’s central bank has declared that all activities related to cryptocurrency are illegal, expanding the country’s crackdown on unregulated digital currency such as Bitcoin.

Though China’s ban on trading cryptocurrency has been in place since 2019, residents have continued trading on foreign platforms.

Now, Beijing has moved to close that loophole by announcing that it is illegal for overseas cryptocurrency websites to provide services to Chinese residents.

China is one of the world’s largest crypto markets. The global price of Bitcoin fell more than 8 per cent immediately after the country’s announcement on Friday.