China's Central Bank ordered the shut down of the software firm Beijing Qudao Cultural Development Co, saying it may provide crypto services.
Related: Huobi Disallows Chinese Residents to Purchase Derivatives
Authorities ordered the firm to cancel operations, also deactivating the website.According to Chinese law, Beijing-based companies are disallowed to provide platforms, screen displays, or advertising for crypto-related enterprises. In May, China banned financial establishments from providing crypto services. After that, the regulations have become stricter and stricter. The country shut down mining companies.
Meanwhile, China is close to accomplishing tests with its national digital currency e-yuan.
On June 30, the Beijing subway started accepting payments with the CBDC.Despite the measurements taken, many think China won't be able to stop the operations of miners or crypto trading completely.
Recently, Galaxy Digital CEO Mike Novogratz said the Chinese government is not in a position to stifle the crypto sphere. He finds mining businesses will benefit from miners moving from China to other countries.