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    Chinese authorities collaborate forces to crack down on the crypto sector

    Chinese authorities collaborate forces to crack down on the crypto sector

     

    The Chinese government are coming down on heavily in the crackdown against the country’s cryptocurrency industry. 

     

    In the latest, the Chinese government has brought forces for combating crypto operations in the state through a series of new regulations.  The People’s Bank of China (PBoC) has officially announced a new set of measures for fighting against crypto adoption in China, including the promotion of stronger inter-departmental alliances and coordination in cracking down crypto activity in the country.

     

    Ten state authorities in China, including the Cyberspace Administration of China, the PBoC, and the Ministry of Public Security, have come together to establish a “coordination mechanism” that would prevent financial players among the citizens from participating in any sort of cryptocurrency transactions. 

     

    According to the announcement regarding the coordination alliances, the involved authorities are reported to have completed significant improvements in the crypto monitoring platforms and hence would be able to identify illegal cryptocurrency transactions in the country more efficiently.

     

    The PBoC has also stressed a vast number of government agencies that are now going to be a part of the crackdown alliance in compliance with the Chinese laws. It informed that sectors like cybersecurity and information, financial management departments, telecommunications, market supervision departments and public security departments are now working closely as a team “to cut off crypto payment channels, dispose of crypto-related websites and mobile applications in accordance with the law.”

     

    Director of payment and settlements at the Chinese central bank, PBoC, Wen Xinxiang, has recently expressed concerns over the increasing popularity of cryptocurrencies and stablecoins, inviting more measures from the traditional financial system to compete with the industry.

     

    The recent moves by the Chinese government have once again reaffirmed China’s anti-crypto policy as local authorities have, by the fear of growing crackdowns, have already shut down multiple crypto mining farms. Several have also suspended crypto trading this year. 

    Chinese authorities have been imposing similar restrictions banning crypto services in the country since 2017; however, the anti-crypto stance has never been this stronger.

     

    Shortly after China had enforced the cryptocurrency exchange ban, Bitcoin had reached $20,000 for the first time in December 2017.

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