Chinese regulators join forces to crack down on cryptocurrencies

As the national authorities are taking forces to crack down on the country’s crypto business, the Chinese government is increasingly serious about cracking down on the cryptocurrency industry.

The People’s Bank of China (PBoC) officially Announce On September 24, a series of new measures to crack down on China’s adoption of cryptocurrency, including promoting the strengthening of inter-departmental coordination to crack down on cryptocurrency activities.

10 Chinese state agencies, including the People’s Bank of China, the China Cyberspace Administration of China, and the Ministry of Public Security, have established “coordination mechanisms” to prevent financial institutions from participating in any cryptocurrency transactions. According to the announcement, relevant departments and institutions have completed major improvements to the cryptocurrency monitoring platform to effectively identify illegal cryptocurrency transactions.

The People’s Bank of China emphasizes that many government agencies will now crack down on cryptocurrencies in accordance with Chinese laws:

“Financial management departments, cybersecurity and informatization departments, telecommunications departments, public security departments, and market supervision departments cooperate closely to cut off payment channels and dispose of relevant websites and mobile applications in accordance with the law.”

related: Officials say China will “maintain high pressure” in the cryptocurrency field

Wen Xinxiang, Director of the Payment and Settlement Department of the People’s Bank of China: Expressed concerns about growing popularity Cryptocurrencies and stablecoins call for more measures to make the traditional financial system compete with the industry.

The latest move by the Chinese government further reaffirms China’s anti-crypto stance, as local authorities have already Close multiple mines with Suspend crypto trading This year. Chinese regulators have imposed similar encryption restrictions before. Prohibition of services provided by cryptocurrency exchanges As early as 2017 in China. Soon after China implemented a cryptocurrency trading ban, Bitcoin reaches $20,000 for the first time December 2017.