China bans all crypto transactions ‘again’

Karthik Subramanian

The People’ Bank of China (PBOC), which is the central bank of China, has said that all crypto-related transactions in China are illegal and has once again reiterated its resolve to crack down on the crypto market.

China has attempted to do this many times over the last few years with varying degrees of success and this crackdown this year was something that was quite expected as it had asked the bitcoin miners in China to wind up their operations at the beginning of the year. The fact that they were asked to shut shop and the crackdown that followed, to ensure that the miners did indeed shut down, showed that China was coming for the crypto industry sooner than later. In recent months, it has been making sweeping changes across all social and economic activities and the crypto industry has been one of the industries that regulators around the world have looked down upon over the last few years.

In today’s order, the PBOC said that all services that offer trading, order matching, token issuance, and derivatives of virtual currencies are strictly prohibited and even foreign crypto exchanges are no longer allowed to offer their services within China. The bank has also added that it has improved its monitoring infrastructure to track all such transactions and has also said that employees of such crypto exchanges would be investigated. This news has come amidst reports that China is working on its version of digital currency. The prices of Bitcoin and other major cryptos like Ethereum sank on the news of this crackdown.

The regulators in different countries have been adopting different approaches to cryptocurrencies. While regulators like the SEC in the USA have adopted a very stern stance against cryptos and have been viewing crypto exchanges and crypto-related products with suspicion, there are other countries where the regulators have adopted a much softer stance. The most worrying aspect as far as the regulators are concerned is the effect that these cryptos would have on the overall economy as there are no ways to control or track the movement of the funds through cryptos.

Strict regulations and tracking of cryptos need to be set up to ensure that the cryptos are not used to fund illegal activities but these are things that require a lot of time and effort and even after all the effort, it may not be possible to regulate all aspects of crypto. This has forced regulators around the world to adopt a generally tough stance against cryptocurrencies.

Read this next

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

<