{"id":343689,"date":"2021-09-24T13:43:31","date_gmt":"2021-09-24T10:43:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinese-regulators-unite-forces-to-crack-down-on-crypto\/"},"modified":"2021-09-24T13:43:31","modified_gmt":"2021-09-24T10:43:31","slug":"chinese-regulators-unite-forces-to-crack-down-on-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinese-regulators-unite-forces-to-crack-down-on-crypto\/","title":{"rendered":"# Chinese regulators unite forces to crack down on crypto"},"content":{"rendered":"

“# Chinese regulators unite forces to crack down on crypto <\/strong>”
\n<\/p>\n

The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country.<\/p>\n

The People\u2019s Bank of China (PBoC) officially announced<\/a>\u00a0on Sept. 24 a set of new measures to fight against crypto adoption in China, including promoting stronger inter-departmental coordination in cracking down crypto activity.<\/p>\n

10 Chinese state authorities, including the PBoC, the Cyberspace Administration of China and the Ministry of Public Security, have established a \u201ccoordination mechanism\u201d to prevent financial players from participating in any cryptocurrency transactions. According to the announcement, the involved authorities and institutions have completed significant improvements to crypto monitoring platforms to identify illegal cryptocurrency transactions efficiently.<\/p>\n

The PBoC stressed a wide number of government agencies will now be cracking down on crypto closely in compliance with the Chinese laws:<\/p>\n

\u201cFinancial management departments, cybersecurity and information departments, telecommunications departments, public security departments, and market supervision departments work closely together to cut off payment channels, dispose of relevant websites and mobile app<\/a>lications in accordance with the law.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>China to \u2018maintain a high-pressure situation\u2019 on crypto, official says<\/em><\/strong><\/p>\n

Wen Xinxiang, director of the payment and settlement department at the People\u2019s Bank of China, expressed concerns over the growing popularity of cryptocurrencies and stablecoins, calling for more measures for the traditional financial system to compete with the industry.<\/p>\n

The latest moves by the Chinese government further reaffirm China’s anti-crypto stance as local authorities have already been shutting down multiple mining farms and suspending crypto trading this year. Chinese regulators had imposed similar crypto restrictions before, banning crypto exchanges from providing services in China back in 2017.\u00a0Shortly after China enforced the crypto exchange ban, Bitcoin reached $20,000 for the first time in December 2017.<\/p>\n