China tightens its grip more on crypto and its operations
The Chinese government is battling cryptocurrencies once again, and to this end, the Chinese central bank is establishing a "coordination mechanism" with state agencies.
Joining forces to stand against crypto, China is cracking down even more on the crypto industry. It does not seem as if the Chinese change their mind.
Last Friday, PBoC (the People’s Bank of China) introduced some new measures to be taken to prevent crypto adoption in this country, among which is enhancing the relationships between departments to restrict crypto-related activities even more than before.
In an attempt to hinder any sort of cryptocurrency transactions by crypto enthusiasts, a "coordination mechanism" has been established by PBoC, the Cyberspace Administration of China and the Ministry of Public Security, and 7 other Chinese state authorities. The entities involved in this movement have boosted their crypto monitoring platforms to streamline the detection of illegal cryptocurrency transactions.
In this regard, to comply with the national rules, many government agencies are now restricting cryptocurrencies, said PBoC:
"Financial management departments, cybersecurity and information departments, telecommunications departments, public security departments, and market supervision departments work closely together to cut off payment channels, dispose of relevant websites and mobile applications in accordance with the law."
In an attempt to compete with the cryptocurrency industry, the director of the payment and settlement department at the People’s Bank of China, Wen Xinxiang, asked for taking more measures against cryptocurrencies and stablecoins. This, however, was not the first time that the Chinese government had frowned upon the crypto space. They had previously shut down several mining farms and suspended crypto trading this year. Chinese regulators had cracked down on crypto earlier in 2017 in which they banned the exchanges in their country and didn’t let them provide service. Interestingly, after this ban, Bitcoin hit a new all-time high of $20,000.
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