The People’s Bank of China (PBOC) has said it will continue to exert regulatory pressure on cryptocurrency trading and prohibit the industry.
Over the weekend, the central bank of China released the minutes of a meeting at which regulators discussed progress in monetary policy in the first half of this year and next steps for the remainder of 2021.
Cryptocurrency trading has been mentioned alongside the regulation of companies like the Ant Group that operate large platforms, although no specific firms have been named.
The NBK and other government departments have tightened regulation of the internet finance industry since last fall. On Saturday, the Central Bank of China said it will continue to work on tightening regulatory requirements in this direction, including cryptocurrency trading.
The NBK said it will help promote green finance, open up financial markets, continue its risk mitigation campaign, and push for the internationalization of the yuan and the launch of the digital yuan.
China’s regulators have launched widespread pressure on the industry following statements from the Committee for Financial Stability and Development of China about a possible ban on mining and cryptocurrency trading.
In early June, Chinese state media warned the public about the risks of investing in cryptocurrencies. Chinese internet services and social networks have also taken an “anti-crypto” stance and have stopped displaying search results on the Binance, Huobi and OKEx marketplaces.
In addition, at the request of the Central Bank of China, banks and financial institutions have stopped servicing all clients working with cryptocurrencies since the end of June. In parallel, pressure on miners continues in the country – Chinese provinces, one after another, prohibit the mining of cryptocurrencies.
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