Browse By

Central Bank of China: We will continue to crack down on cryptocurrencies

Cryptocurrency investors who had hoped for a softer stance from China on cryptoactives are frustrated by the Chinese government’s new publication.

Central Bank of China: We will continue to crack down on cryptocurrencies

Central Bank of China: We will continue to crack down on cryptocurrencies

Instead of easing pressure on the cryptocurrency market, China government said they will intensify the crackdown even further.

According to the authorities, repression will increase because cryptocurrencies “have no legal tender or real value.”

Yin Youping, deputy director of the Consumer Rights Protection Office of the People’s Bank of China (PBoC), said the central bank will maintain a “high pressure situation”. In other words, it will continue to clamp down on this market.

In addition, Youping stated that the transactions related to cryptocurrencies are pure investment advertising campaigns. Therefore, it has no real economic foundation and the public should stay away from cryptocurrencies.

Read more:

Youping also mentioned the possibility of carrying out coordinated operations to further curb the cryptocurrency market.

He said the PBoC will work with local authorities to detect traders using offshore cryptocurrency exchanges. As a result, efforts to block corporate websites, applications and channels will increase.

The PBoC is reportedly working with the China Banking and Insurance Regulatory Commission to develop systems to monitor and combat the use of cryptocurrencies of any kind in any type of transaction.

But it is not just the PCoB that is wanting to ban cryptocurrencies in the country. Local governments have also begun to take proactive steps to stop activities involving cryptocurrencies.

Yingjiang county regulators have called on hydroelectric plants to cut power to cryptocurrency miners.

9 thoughts on “Central Bank of China: We will continue to crack down on cryptocurrencies”

  1. Pingback: Central Bank of China: We will continue to crack down on cryptocurrencies – DarkFiberMines.com
  2. Trackback: Central Bank of China: We will continue to crack down on cryptocurrencies – DarkFiberMines.com
  3. Pingback: Inflation in Germany hits historic highs in August - Digest Time
  4. Trackback: Inflation in Germany hits historic highs in August - Digest Time
  5. Pingback: US is the only G7 economy to have recovered from the pandemic - Digest Time
  6. Trackback: US is the only G7 economy to have recovered from the pandemic - Digest Time
  7. Pingback: Dogecoin mining coup causes $119 million loss to Turkish investors - Digest Time
  8. Trackback: Dogecoin mining coup causes $119 million loss to Turkish investors - Digest Time
  9. Pingback: Bitmain founder leaves Bitcoin mining aside and focuses on Stake in Ethereum 2.0 - Digest Time
  10. Trackback: Bitmain founder leaves Bitcoin mining aside and focuses on Stake in Ethereum 2.0 - Digest Time
  11. Pingback: Bitcoin will continue to rise, says Glassnode report - Digest Time
  12. Trackback: Bitcoin will continue to rise, says Glassnode report - Digest Time
  13. Pingback: El Salvador Assembly approves distribution of $30 in Bitcoin to every citizen - Digest Time
  14. Trackback: El Salvador Assembly approves distribution of $30 in Bitcoin to every citizen - Digest Time
  15. Pingback: September shows negative returns for Bitcoin since 2017 - Digest Time
  16. Trackback: September shows negative returns for Bitcoin since 2017 - Digest Time
  17. Pingback: Wall Street recovers after worst week in recent times - Digest Time
  18. Trackback: Wall Street recovers after worst week in recent times - Digest Time

Leave a Reply

Your email address will not be published. Required fields are marked *