The Chinese central bank is reportedly developing an electronic version of the country’s yuan that can be tracked and controlled by Beijing
According to a report, the People’s Bank of China on Friday outlawed cryptocurrency-tied deals in the country, plunging bitcoin shares by about 4.5% percent.
bloomberg informed of That the central bank posted on its website that all cryptocurrency-related transactions should be banned.
The central bank said it will also crack down on illegal trading activities and prohibit foreign exchanges from providing services to customers in the country. Reuters The report said. The report said the ban would otherwise extend to legal trade and would not allow financial companies and other foreign firms to facilitate these deals.
The Associated Press reported earlier this year that the Chinese central bank is developing an electronic version of the country’s yuan that can be tracked and controlled by Beijing.