China ban crypto-currency: Why China declare all crypto-currency transactions illegal and ban Bitcoin

Bitcoin value falls drastically after China declares all crypto-currency  transactions illegal

Central Bank for China don announce say all crypto-currencies transactions dey illegal.

Di kontri apex bank also ban digital tokens like Bitcoin.

“Virtual currency-related business activities don become illegal financial activities,” di People’s Bank of China tok as dem warn say e dey “seriously endanger di safety of pipo assets”.

China na one of di kontri wey get di largest crypto-currency markets for di world.

Di price of Bitcoin bin fall by more than $2,000 (£1,460) before di Chinese Bank give di announcement.

Dis na di latest for China national restriction on wetin dem see as volatile, speculative investment at best – and most importantly, one way to do 419.

Trading crypto-currency bin don dey officially banned for China since 2019, but e still continue online through foreign exchanges.

Plenty restrictions don dey dis year.

For May, Chinese state intuitions bin sama warning give buyers say dem no go get any protection if dem continue to trade wit Bitcoin and other currencies online, as goment officials bin vow to increase pressure on di industry.

For June, goment tell banks and payment platforms to stop dey enable transactions and dem issue bans on “mining” di currencies – wey be di trade of using powerful computers to make new coins.

But di announcement on Friday show say China dey serious to shut down crypto-currency trading in all its forms.

Di statement clear am say those wey dey involved in “illegal financial activities” dey commit crime and go dey prosecuted.

And foreign websites wey dey provide that kain services to Chinese citizens online also dey do illegal activity, di statement tok.

Mining migration

Di main technology of many crypto-currencies, wey include Bitcoin dey rely on many distributed computers wey dey verify and check transactions on a giant shared ledger wey dey known as blockchain.

China, wit im low electricity costs and cheaper computer hardware, na one of di world main centres for mining.

Di Chinese crackdown don already hit di mining industry.

For September 2019, China account for 75% of di world Bitcoin energy use. By April 2021, e don fall to 46%.

Kontris wey don ban crypto-currency

Nigeria

For February 2021, Central Bank of Nigeria bin give order say make financial instructions close down accounts of any customer wey dey involved wit cryptocurrency.

Di apex bank also draw ear before give kontri pipo say dealers and investors in any kind of crypto currency in Nigeria no dey protected by law, according to one CBN circular on 28.

Algeria

Algeria ban di use of crypto-currency afta dem pass one financial law for 2018 wey make am illegal to buy, sell, use or hold virtual currencies.

Bolivia

Bolivia ban di use if Bitcoin for 2014. Di Bolivian Central Bank issue resolution wey ban am and oda currency wey no dey regulated by di kontri or economic zone.

Colombia

For Colombia, financial institutions no dey allowed to do Bitcoin transactions. Di Superintendencia Financiera sama warning give financial institutions for 2014 say dem no go “protect, invest, broker, or manage virtual money operations”.

Russia

Although cryptocurrency no dey illegal for Russia but warnings don dey against di use.

Russia bin pass dia first laws to regulate cryptos for July 2020, which for di first time design cryptocurrency as property liable to taxation.

Di law wey come into force for January dis year, also ban Russian civil servants say make dem no get any crypto assets.

Russian President Vladimir Putin don tok am repeatedly say crypto-currency na criminal activity.

For July, di prosecutor general announce new proposed legislation wey go allow police to seize cryptos wey dey reason to dey illegally obtained.

Indonesia

Bank Indonesua, di kontri central bank issue new regulations wey ban di use of cryto-currencies wey include Bitcoin as means of payment from January 1, 2018.

Vietnam

Di State Bank of Vietnam bin declare say di issuance, supply, and use of Bitcoin and other cryptos dey illegal as means of payment and dey subject to punishment of fines wey range from 150 million VND (€5,600) to 200 million VND (€7,445).

Turkey

On 16 April 2021, di Central Bank of di Republic of Turkey issue regulation wey ban di use of cryptocurrencies, dis include Bitcoin, directly or indirectly, to pay for goods and services. Culled From BBC News

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