Chinese Regulators Will Work Together To Crack Down On Cryptocurrencies

PBoC sets up a group to tackle cryptocurrencies

The Chinese government has been tough on cryptocurrencies for the past few years. Its policies over the years have made it almost impossible for cryptocurrency activities to take place in the country.

The government has now come again with a coordinated attack that would further crack down on cryptocurrency activities in China. The People’s Bank of China (PBoC) officially announced earlier today that it would bring together regulators to crack down on crypto activities. 

The new measures would ensure that cryptocurrency-related activities in China would become nearly impossible. According to the PBoC, 10 Chinese state authorities, including the central bank itself, the Cyberspace Administration of China and the Ministry of Public Security, have implemented a “coordination mechanism” that would ensure financial players in the country won’t participate in cryptocurrency transactions. 

Per the statements, the authorities and institutions involved have gone through significant improvements on how to monitor crypto platforms to efficiently identify illegal cryptocurrency transactions.

The bank said the various regulatory agencies will now be cracking down on cryptocurrencies in accordance with the country’s law. The PBoC said, “Financial management departments, cybersecurity and information departments, telecommunications departments, public security departments, and market supervision departments work closely together to cut off payment channels, dispose of relevant websites and mobile applications in accordance with the law.”

Crypto prices are down again

The cryptocurrency market has again reacted to the new crack down on crypto activities in China. Bitcoin and the other major cryptocurrencies have been underperforming since the start of the week. 

They slightly recovered yesterday, with Bitcoin nearly reaching the $45k mark. However, the bears have returned again following the Chinese news, and now Bitcoin is struggling to stay above the $42k mark at the moment.