The People's Bank of China has clarified that trading cryptocurrencies inside the country is illegal. As its argument, the PBOC said cryptos are dangerous because people can lose their assets.
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PayPal has announced that it has brought 70% equity interest in GoPay allowing it to operate in China. PayPal has become the first foreign payment platform to be allowed to operate in the country.
A representative from the People's Bank of China has announced that the country's national cryptocurrency is almost ready for prime time. No exact date for its launch was given, however.
China's central bank has been spurred on to develop a cryptocurrency following the news of Facebook's Libra 2020 launch. It said it's concerned about the influence the dollar will have on Libra.
The People's Bank of China has released a new report which says that 8.6 billion mobile transactions took place in Q2 '17. That's a jump of over 40% compared to the same quarter last year.
The People's Bank of China has outlawed Initial Coin Offerings as of Monday. The move is an attempt to cut down on fraud and pyramid schemes which it says ICOs actually facilitated.
China is reportedly experimenting with its own cryptocurrency. The People's Bank of China has already made mock transactions with what could become the country's new digital currency.