China Adopts Unprecedented Strict Measures Against Crypto

by in Cryptocurrency News

China crypto crackdown

The government of China is taking stricter steps against the crypto sector. Authorities teamed up to ban crypto activities.

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On September 24, China's central bank said all crypto-related transactions are considered illegal. Foreign exchanges can't deliver services to people from China.

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.

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Prices of cryptocurrencies have dropped after the release of the announcement. Currently, Bitcoin trades at around $42.400 and Ether at $2.900.