China continues to tighten its grip on cryptocurrencies

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SHANGHAI: China has banned cryptocurrency trading and exchanges to ensure their currency is traded lawfully.

The Chinese government has made it very clear that there will be penalties for those that engage in bitcoin mining and trading. The country is taking proactive steps to help prevent future economic uncertainties.

Ten Chinese governments agencies including the central bank, banking, securities, and foreign exchange regulators are collaborating to develop blockchain standards, they said in a joint statement that they would work closely to maintain a “high-pressure” Financial regulator crackdown on trading of cryptocurrencies, speculators.

Recent reports show that China is actually cracking down on cryptocurrencies. The People’s Bank of China said cryptocurrencies must not be allowed to circulate on the markets as traditional currencies and that overseas exchanges are currently barred from providing service to mainland investors via the internet.

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In retaliation to concerns from many of its citizens, the PBOC prohibited financial institutions, payment companies and internet providers from providing cryptocurrency trading systems.

The government has taken a stance against the speculation around virtual currency and is also considering regulation within the industry to protect people’s assets.

The National Development and Reform Commission is undertaking a full-scale crackdown on cryptocurrency mining all over the nation. The NDRC has drafted a letter to provincial governments, urging them to strictly regulate miners in their locality.

Bitcoin dropped to its lowest point today after news from governments in Asia, the market reacted badly. Hopefully, it will stay steady.

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Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.

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