China Ramps Up Crypto Crackdown, Declares All Activities Illegal
Regulators Intensify Enforcement, Target Financial Crime
China's financial regulators announced a comprehensive ban on all cryptocurrency activities on Friday, marking a significant escalation in the country's ongoing crackdown on the digital asset industry. The move follows a series of previous measures aimed at suppressing crypto trading and investment.
Ban Targets All Crypto-Related Transactions
The ban, issued by the People's Bank of China (PBOC), covers all aspects of cryptocurrency operations, including trading, exchanges, and initial coin offerings (ICOs). The PBOC stated that the ban is intended to "prevent financial risks" and "protect the legitimate rights and interests of the people." The central bank has long been critical of cryptocurrencies, viewing them as a potential threat to financial stability.
Enforcement intensifies
The Chinese authorities have vowed to step up enforcement of the ban, and have already taken action against several individuals and businesses involved in crypto activities. The PBOC has ordered financial institutions to close accounts linked to crypto transactions, while the police have conducted raids on crypto-related establishments.
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