Incredible Unknown Facts About China's Ban On Cryptocurrency

The People's Bank of China (PBOC) reports a significant increase in virtual currency transactions in recent years. While some transactions are for legitimate purposes like "paying off debts," most of them are used for illicit activity. China has banned the use of all privately issued virtual currencies as a form of payment. The People's Bank of China (PBOC) has also prohibited enterprises that deal with virtual currencies, such as buying and selling virtual currencies, exchanging virtual currencies, and providing information. Open bank accounts and transfer funds for virtual currency-related operations are prohibited for all banks, financial institutions, nonbanks, and others.
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