The government of China is taking stricter steps against the crypto sector. Authorities teamed up to ban crypto activities.
The Central Bank together with nine other departments released a Notice on mitigating the risks connected with virtual currency operations.
As mentioned in the "Notice" the step is meant to constantly maintain a high-pressure crackdown on digital currency trading activities.Regulators aim to achieve this by these steps: setting up a systematized working mechanism that will coordinate and promote the process of work. PBOC and China’s Central Cyberspace Administration built a more effective system to identify and discover cryptocurrency transactions.
Forming a multi-dimensional disposal system, through which financial management departments, telecommunication, public security, market control, and others will cooperate to close and shut down payment channels, crypto-related websites, and apps.