Chinas central bank has declared its all-cryptocurrency transactions that involves in bitcoin and virtual currencies founds to be illegal, stepping up campaign to block the use of digital currency. The notice press release announced by the China government stated that Ethereum, bitcoin and other digital currencies to disrupt the financial system and are used in the process of money-laundering and other kinds of crimes.
Nowadays, the virtual currencies usage is illegal financial activity and it is strictly prohibited to visit to the people’s bank of China. The value of the bitcoin cryptocurrency fell more than the 9 percent in the USA hours and later the value decreased a lot which made to fall off where this affected huge number of crypto traders and investors. China crypto ban has got viral and number of traders and online stocks investors urged to take out their investments out of the digital currency.
Why promoters say that cryptocurrency allow flexibility and anonymity
Most of the online cryptocurrency promoters say that the cryptocurrency allows the flexibility and anonymity but the expert and cryptocurrency analyst of Chinese regulators worry that it might be ruling the financial system of the country. Now, the peoples bank of the China is developing the electronic version of the cashless transaction among country where this will provide a control over the transaction of money. Cryptocurrency regulators in other countries have also increasingly warned the usage of the cryptocurrency as the usage of the currency becomes more fraud and huge number of illegal transactions are being done. Due to this reason China crypto ban law has been passed by the government and they had made the declaration to announce the transaction of cryptocurrencies is banned inside the country to make the transaction good and secure way.