People’s Bank of China Targets Crypto Companies in Shenzhen Crackdown
The Shenzhen office of the People’s Bank of China (PBOC) has reportedly set out to correct the business activities of about a dozen companies allegedly engaged in cryptocurrency transactions. According to Chinese media, the entities have been targeted in a crackdown on crypto trading in the city. People’s Bank of China Cracks Down on Coin Trading in Shenzhen The branch of China’s central bank in Shenzhen is cracking down on illegal cryptocurrency trading, the Chinese business news outlet Cnstock.com revealed Tuesday. As part of the new campaign, the PBOC has....
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The Shenzhen branch of the People's Bank of China launched a special “rectification” program against illegal crypto-related activities, beginning with a crackdown on 11 emerging companies. The Shenzhen branch of the People’s Bank of China is taking a hardline approach to cryptocurrency-related activities deemed illegal. According to a report from state-run Shanghai Securities News yesterday, the branch has recently “cleaned up and rectified” 11 new companies suspected of engaging in illicit crypto trading.The report did not disclose the companies’ names nor the details of how they were....
Gou Wenjun, director of the Anti-Money Laundering (AML) unit at the People’s Bank of China(PBoC), recently suggested that the already harsh Chinese crackdown on crypto could expand to the metaverse and NFTs, as he claims they represent various risks and more regulations should be considered. Related Reading | Trillion Dollar Mistake: Is China Planning To Reverse […]
For a minute there, it seemed like the FUD was over. The People’s Bank of China contributes to its country’s crypto-crackdown at the “Financial Knowledge Popularization Month,” People’s Daily Online reports from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, claimed: “We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.” Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7....
As the rumors of a crackdown by the People’s Bank of China have solidified over the past few days, Bitcoin prices have been hit hard. Last week, we told you that China’s central bank was rumored to be planning to force Chinese banks to close any accounts they have with Bitcoin exchanges by April 15. That news pushed the CoinDesk BitcoinPrice Index from about $585 on Wednesday to as low as $477 on Thursday. Over the weekend the price of Bitcoin recovered somewhat to about the $500 level.
China has suspended registration of new businesses with finance-related names, saying that these firms first need approvals from financial regulators. What effects will these measures have on the Chinese fintech competitive space? The restrictions imposed are part of the Government's measures to restrict the proliferation of online financial companies. According to reports citing Caixin, a Chinese magazine, the crackdown is expected to last one year and is expected to focus on P2P lending, crowdfunding, online insurance, etc. The reasons given for the crackdown include failure of P2P....