Chinese government orders “high-pressure situation’ on crypto traders

Chinese government orders “high-pressure situation’ on crypto traders

China doubled down on its cryptocurrency business crackdowns with the latest official public reminder that digital currencies do not form a part of legal tender since they have “no actual value.”


Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau from People’s Bank of China (PBoC), said in the latest statement that the Chinese central banks would continue their stance on maintaining a “high-pressure situation” concerning digital currency-related businesses and transactions.


The briefing session, held in China’s “Financial Knowledge Popularization Month,” saw Youping going harsh on virtual assets, calling them “pure investment hype,” asserting that the general public must initiate risk awareness for staying away from crypto investments.


Although the government continues to prosecute the cryptocurrency businesses, Youping has hinted at a possibility of a “rebound” in crypto trading operations in China. He also informed that the PBoC would collaborate with local authorities for detecting traders who indulge in offshore crypto exchanges as a measure for blocking crypto trading apps, websites and other corporate channels.


According to reports, the PBoC is currently working with the China Banking and Insurance Regulatory Commission for developing monitoring systems to combat the usage of digital currencies. 


Adhering to the restrictions laid down by the PBoC, Chinese local governments have started making proactive policies to stop crypto trading activities in the country. Legal regulators in Yingjiang County have even ordered local hydropower plants to cut the power supply for those indulging in crypto mining activities within the region.


The country’s power plants have also been ordered to notify China’s National Development and Reform Commission following a systemic delisting of crypto miners from their respective grids.

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