China Issues Strict Crypto Ban, Calling for Increased Oversight

In a significant move, China has officially outlawed Bitcoin and other cryptocurrencies, warning against the risks associated with their use. The country’s central bank issued a statement affirming that crypto transactions are illegal in China. This follows a high-level meeting involving various government agencies like public security and financial watchdogs. Concerns were raised about renewed interest in crypto and its potential for fueling illicit activities such as scams and money laundering.