Is cryptocurrency trading illegal in China?

The bank has also indicated its intention to severely punish any individual or entity found engaging in cryptocurrency trading, regardless of whether they operate from overseas platforms or within China's borders.

The People's Bank of China (PBOC), China's central bank, has issued a stern warning against facilitating cryptocurrency trading.

According to the PBOC, such activities are considered illegal within the country and are subject to strict legal sanctions.

This move reflects the government's concern over the potential risks posed by cryptocurrencies, including their use in illegal activities such as money laundering and fraud.

Cryptocurrencies, such as Bitcoin and Ethereum, have gained significant popularity in recent years due to their decentralized nature and potential for high returns.