China Vows to Continue Strict Crackdown on Crypto Speculation
(Bloomberg) -- China reiterated it would continue its crackdown on crypto speculation, according to a statement from the country's central bank on Friday.
The annual meeting, which is convened by the People's Bank of China, maps out regulatory priorities for the country's financial market in the coming year. Heads of local banks, National Internet Finance Association of China, foreign currency settlement and clearing services providers participated a conference call meeting on Tuesday, POBC said in the statement.
Beijing carried out one of the most comprehensive crackdowns on crypto trading and mining last May, forcing major crypto exchanges and mining companies out of the country. Financial regulators have played a major role by preventing commercial banks from providing services to trading platforms such as over-the-counter trading desks and exchanges. Bank accounts from such companies have been blacklisted or canceled so that crypto platforms can not cash out on tokens or offer a fiat on-ramp to their users. Regulators have also worked with the police to monitor and track cross-border transactions from trading platforms.Â
China intensified crackdowns on crypto with a more concerted and enforceable effort among different departments within the government compared to its approach a few years ago, when the central bank issued warnings without clear definition of the crypto entities it wanted to target or detailed instructions to execute the clampdown.
Bitcoin trading in China's domestic market has plummeted to 10% of the total in the world down from 90%, according to another statement from PBOC on Thursday.Â
©2022 Bloomberg L.P.
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