China’s regulators has put a blanket ban on all cryptocurrencies and crypto transactions in September 2021. Many agencies have joined forces to give effect to this ban. The comprehensive ban aims at suffocating the crypto market.

The move is among the global crackdown on cryptos by the governments as these volatile cryptos undermine the financial and monetary system. Even mining of cryptos is an energy-intensive process which undermines the environmental goals.

Private cryptos pose a threat to China’s own digital-yuan which is at an advanced design stage.