China has had a vice-like grip on cryptocurrencies since 2013 when it first barred its banks from handling transactions related to Bitcoin. Now, a fresh crackdown has been initiated by China on activities related to cryptocurrencies which include an explicit ban on crypto trading, according to a press release by the People’s Bank of China. The country has also intensified its clampdown on crypto mining after banning mining projects in June this year, according to a CoinDesk report. Many crypto analysts believe that the latest move is the most comprehensive of all the rules in the history of crypto regulation in China. The crypto ecosystem is under pressure across the world as governments become wary of privately operated, volatile digital currencies. Here, we answer frequently asked questions about China's crypto ban, the measures announced, and their impact. What did the Chinese government say about crypto trading? What is banned as per the new regulations? These are the trading activities banned as per the new law: Virtual currency-related transactions such as the conversion of fiat currency into virtual currency Buying and selling virtual currency Provision of intermediary information and pricing services for virtual currency transactions Token issuance financing Virtual currency derivatives and futures transactions Unauthorised public issuance of securities Do the rules apply to foreign crypto exchanges? It is now illegal for foreign virtual currency exchanges to engage in financial activity with domestic residents of China through the Internet. Parties like the domestic staff of these exchanges along with people availing their services will be…
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