Central Bank of China bans foreign cryptocurrency exchanges

The People’s Bank of China announced that all services of organizations related to digital currency are considered illegal. The regulator also imposed a ban on the operation of foreign cryptocurrency exchanges in the country. According to the regulator, all services related to digital currency are considered illegal. The statement led to a drop in the rate of major cryptocurrencies: according to CoinMarketCap, the price of bitcoin by 15:17 Moscow time fell by 5.14% per day, to $ 41,332.92, the price of ether – by 7.95%, to $ 2818.69. ” Financial and non-banking organizations cannot provide services for actions and operations related to virtual currencies, ”CNBC quotes a translation of the message from the Chinese Central Bank. The regulator also noted that foreign cryptocurrency exchanges that provide services to residents of China via the Internet conduct “illegal financial activities.” The regulator’s message was spread by ten government departments of China, all of them announced their intention to restrict cryptocurrency trading, Reuters reports. The People’s Bank of China added that….

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