- The Peoples Bank of China is vowing the swift termination of platforms relating to cryptocurrency.
- Blockchain tech has been seen as the saving grace within the nation, but there was a lighter touch being integrated with regards to bitcoin mining.
The Peoples Bank of China (PBOC) has re-affirmed its position on crypto trading and thus vowing the swift termination of platforms relating to cryptocurrency.
Ever since Chinese President Xi Jinping announced his love for blockchain, it has seemingly all changed into something less strict.
Blockchain tech has been seen as the saving grace within the nation, but there was a lighter touch being integrated with regards to bitcoin mining.
China is now looking to re-establish its very stern outlook on the trading of cryptocurrency.
An official notice from the Peoples Bank, says that the need to address the trading ban came up because of an increase in theories on digital currencies. The country has been completely on board with the blockchain train these past few weeks which has, in turn, resulted in an increase of trading activity.
Roughly-translated, the notice states:
“The People’s Bank of China will continue to implement the requirements of the “Announcement” [2017 ban] and continuously monitor the virtual currency business activities within the jurisdiction. Once it is discovered, it will be disposed of immediately, and it will be prevented from happening early.”
The PBOC notice goes onto note:
“In recent years, speculations related to digital currency (such as ICO, IFO, IEO, IMO, and STO) have been refurbished and speculative, prices have skyrocketed, and risks have gathered rapidly. Relevant financing entities through the illegal sale, circulation of tokens, raising funds to investors or bitcoin, Ethereum and other virtual currency, which is essentially unauthorised illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes have seriously disrupted the economic and financial order.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!