Central Bank in China shuts down firm involved in crypto trading

Karthik Subramanian

The Chinese Central Bank has shut down a software firm for being involved in crypto trading activities. The company, Beijing Qudai Cultural Development, was ordered to cease its operations and shut down its website.

china

More than the company that was involved, which is a relatively unknown one, and the action that followed, what has got heads to turn in the crypto ecosystem is the fact that China continues to tighten its crackdown on crypto firms. China had recently imposed a ban on crypto mining which had forced many of the miners there, one of the biggest mining regions, to shift their operations to other countries or give up their business altogether.

This was also part of a concerted operation by the Chinese authorities to prevent any kinds of crypto operations, advertising, and commercial displays that are in any way related to the crypto industry. This did lead to a crash in the crypto prices but the worse seems to be over as the crypto industry has accepted the fact that they cannot be doing much business in China for now and have decided to move on.

Some analysts also believe that this set of actions is in preparation for the launch of a digital currency by the central bank of China though the bank has not revealed any details about it so far. If this is indeed true, these actions could be seen as part of cleanup before the digital currency is launched and this would help the authorities to monitor and control the flow of the digital currencies in a much easier and regulated manner.

Globally, the regulators and banks in different countries have been taking different approaches towards the crypto industry with certain countries being very open and welcoming while others continue to crack down on cryptos. Many other countries are still not sure on how to deal with this new financial ecosystem and are waiting for cues from other countries so that they can choose a path that is good for all. But it looks as though it is only a matter of time before all the regulators come around to the idea that this is the way forward for the financial ecosystem and it is better to regulate them and make them feel welcome rather than try to demonize it.

Read this next

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<