🤩🥳 BIGGEST SALE OF THE YEAR!
GET 50% OFF NOW
Days
Days
Hours
Hrs
Minutes
Mins
Seconds
secs
Jump to content

Invite Scene - #1 to Buy, Sell, Trade or Find Free Torrent Invites

#1 TorrentInvites Community. Buy, Sell, Trade or Find Free Torrent Invites for Every Private Torrent Trackers. HDB, BTN, AOM, DB9, PTP, RED, MTV, EXIGO, FL, IPT, TVBZ, AB, BIB, TIK, EMP, FSC, GGN, KG, MTTP, TL, TTG, 32P, AHD, CHD, CG, OPS, TT, WIHD, BHD, U2 etc.

LOOKING FOR HIGH QUALITY SEEDBOX? EVOSEEDBOX.COM PROVIDES YOU BLAZING FAST & HIGH END SEEDBOXES | STARTING AT $5.00/MONTH!

China takes tougher measures to continue its crackdown on cryptocurrency trading


StreetAliens

Recommended Posts

20191206_China-Analysis-Daily-1200x675.j

The People's Bank of China has issued a new document where it lays out how it is toughening measures to keep cracking down on crypto trading activities.

The Chinese central bank said in an announcement on Friday that all services that let you exchange fiat currencies and crypto assets or between crypto assets themselves are now treated as illegal activities.

Such treatment will target over-the-counter services that are still available on Huobi, OKEx and Binance, which allow Chinese users to exchange their fiat yuan into crypto assets in order to participate in crypto trading activities.

Further, the notice specified that offering crypto derivative trading services is also an illegal business in China, even for overseas exchanges that make the service accessible to Chinese residents. It remains to be seen, however, if Huobi, OKEx and Binance will discontinue their OTC services.

The PBoC said individuals who live inside China but work for overseas crypto exchanges that making crypto trading available in China are also subject to legal prosecution. 

What's also notable in the statement is that it's jointly issued by not only government agencies but also law enforcement.

China's September 2017 ban was handed out by only seven government bodies including the PBoC and the Securities Regulatory Commission. But the statement issued today was co-signed by judicial agencies including the People's Supreme Court, Supreme People's Procuratorate and the Public Security Ministry, the top agency governing China's police force. That is a sign that Chinese law enforcement could become more active in the broader crackdown.

The price of bitcoin has dropped about $2,000 after the release of the PBoC's statement, which follows its crackdown notice in May this year (one that saw a large exodus of bitcoin miners from the region).

Meanwhile, the National Development and Reformation Commission, the central macro economic planning agency in China, has issued a separate document this month that is making crypto mining crackdown part of the provincial government's yearly key performance metrics.

It's a move that aims to make the mining crackdown a systemic and continued effort given that Chinese investors have still been mining in a more decentralized and disguised fashion. 

For more breaking stories like this, make sure to subscribe to The Block on Telegram.

 

Content source: The Block News.

Link to comment
Share on other sites

  • Inviter changed the title to China takes tougher measures to continue its crackdown on cryptocurrency trading

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Check out what our members are saying

  • Our picks

×
×
  • Create New...