The People’s Bank of China cryptocurrency-related activities are illegal, virtual currencies are strictly prohibited;

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Overseas cryptocurrency exchanges providing services in mainland China are also illegal, the PBOC said.

  • “Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity,” the PBOC said, according to a CNBC translation of the comments. Workers of foreign crypto exchanges will be investigated, it added.
  • The PBOC said it has also improved its systems to step up monitoring of crypto-related transactions and root out speculative investing.
  • “Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies,” the bank said, reiterating past comments.
  • The price of bitcoin sank over 3% on a 24-hour basis, last trading at around $42,239, according to Coin Metrics data. Ethereum, the second-largest digital asset, fell 7% to $2,860.
  • Stocks with heavy exposure to crypto also slumped in premarket trading, with Coinbase down by nearly 4%, MicroStrategy slipping 5% and Riot Blockchain down over 6%.

SOURCE: CNBC

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