(PTI) Beijing, Ta. 3 China's central bank has outlawed all cryptocurrency transactions, including bitcoin. While the use of digital money is on the rise, China is pushing for a ban on cryptocurrencies. In 2015, China asked banks to stay away from cryptocurrencies. The Chinese government has repeatedly reminded this. Earlier, China also expressed concern over cryptocurrency mining and trading. The Chinese government said in a statement that the digital currency is disrupting the financial system. In addition, digital currency is being used in crimes including money laundering. The People's Bank of China said in its website that virtual currency derivatives transactions are illegal financial activities and are strictly prohibited. Chinese regulators are worried that the cryptocurrency will weaken the ruling Communist Party's control over the financial system. It also fears an increase in criminal activity.
CNY - Chinese Yuan Renminbi