China’s central bank shuts down 11 companies suspected of trading cryptocurrency
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Answer China’s central bank shuts down 11 companies suspected of trading cryptocurrency
The Shenzhen branch of the Central Bank of China announced the closure of 11 companies suspected of participating in cryptocurrency trading.
The central bank’s “Shenzhen” province issued a notice to rectify and clean up 11 designated enterprises.
references Reports According to the local newspaper, the Shenzhen branch of the Chinese Central Bank has prepared a list of 46 companies suspected of being involved in illegal cryptocurrency trading by the end of July.
The Shenzhen branch of the Central Bank of China recently launched a special crackdown on illegal cryptocurrency trading activities and shut down 11 companies suspected of illegal virtual currency activities.
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– Wu Blockchain August 17, 2021
The Shenzhen Branch Task Force has been set up to identify companies found to be involved in illicit cryptocurrency trading.
In the official notification from the Central Bank of China, the following is stated:
Illegal cryptocurrency trading activities must be specially rectified, and 11 newly-established companies suspected of illegal cryptocurrency activities must be immediately cleaned and rectified.
The Chinese central bank stated at its recent conference that it will continue its crackdown on digital currencies in the second half of this year as well.
China will continue cracking down on cryptocurrency:
China launched strict anti-cryptocurrency policies in May, beginning it by cracking down on bitcoin mining activity.
At the time, more than 60% of the bitcoin mining hash capacity was in China with the majority of mining farms operating within the country.
The central bank then cited environmental concerns and carbon emissions as the reason behind the ban.
The authorities expanded their anti-cryptocurrency campaign and started banning companies that were found to be involved.
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Chinese repression is nothing new, and no emerging market is complete without it.
In 2017, the country banned all cryptocurrency exchanges in the country, while in 2013 it banned the use of cryptocurrencies entirely.
Chinese crackdown often follows the second phase of an upward trend, which has historically proven to be more significant than the first.
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