Late September, China’s regulators- Central Bank declared all cryptocurrency-related transactions are illegal in the country. They must be banned, citing concerns around national security and safety of people's assets. Reasons behind their decision: Gambling fraud Money laundering RTE.IE states, "China has been known to go to extremes with either very assertive statements and prosecutions to complete radio silence," said George Zarya, CEO of Bequant crypto exchange in London. "This time the point was made very clear that China will not support cryptocurrency market development as it goes against its policies of tightening up control over capital flow and big tech," he said. The People's Bank of China (PBOC) said cryptocurrencies must not circulate as traditional currencies and that overseas exchanges are barred from providing services to mainland

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