A statement made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.
A recent Bloomberg report states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will “continue to maintain a high-pressure crackdown on virtual currency trading speculation.”
Chinas Efforts At Regulation
China recently doubled down on its regulations with the announcement of an amendment that makes crypto fundraising an illegal offense.
Along with this, regulators have been working closely with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.
Again, one of the most concise crackdowns on cryptocurrency mining and trading was made in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.
The efforts have seemed to take the intended effect in China so far. With China’s global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated the PBOC.
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