China’s central bank says pressure on crypto trading to continue

August 2, 2021


China's central bank says pressure on crypto trading to continue

The People's Bank of China (PBOC) will continue to put regulatory pressure on the cryptocurrency trading industry. This follows from the published results of the institution's working conference on the first half of the year and the tasks for the second half of 2021.

One of them, the NBK believes, is to further strengthen the regulation of Internet finance platforms and stop illegal operations with virtual currencies.

The NBK also noted that it will promote green financial services, seeking to minimize carbon emissions.

In May, State Council Vice Premier Liu He said at a meeting of the Financial Stability and Development Committee that measures were being prepared to deal with Bitcoin mining and trading.

In June, the NBK held a meeting with representatives of financial institutions and banned them from participating in cryptocurrency transactions.

In July, NBK Vice Chairman Fan Yifei said that bitcoin and staplecoin have become speculative instruments that threaten the security of the financial system and social stability.

Meanwhile, the regulator intends to continue pilot projects with the digital yuan, pushing for the internationalisation of the national currency.

Recall that Bobby Li, co-founder and former head of the BTCC cryptocurrency exchange, believes that China wants to regulate cryptocurrencies to achieve its main goal - the globalisation of the digital yuan.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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