Question: Recently, Which of the following country has banned the use of cryptocurrency?
(a) China
(b) India
(c) Australia
(d) USA
Answer: (a)
Related Facts:

  • China's central bank has announced that all transactions of crypto-currencies are illegal.
  • China is one of the world's largest crypto-currency markets.
  • The global values of cryptocurrencies including Bitcoin have massively fluctuated in during 2020-2021 partly due to Chinese regulations.
  • Chinese notice has banned all the related financial activities involving cryptocurrencies like transactions involving virtual currency derivatives, selling tokens, trading crypto, and illegal fundraising.
  • Crypto crackdown has opened up gates for China to introduce its own digital currency.
  • Cryptocurrency is a binary data that have been designed to work as a medium of exchange..

BY: AMIT GUPTA

Reference: https://www.thehindu.com/news/international/china-declares-all-cryptocurrency-transactions-illegal/article36649806.ece