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Crypto trading, mining banned
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CHINA’S regulators have intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining.
Ten agencies, including the central bank, financial, securities and foreign exchange regulators, vowed to work together to root out “illegal” cryptocurrency activity.
China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in 2013 and 2017.
The repeated prohibitions highlight the challenge of closing loopholes and identifying bitcoin-related transactions.
The People’s Bank of China said that cryptocurrencies must not circulate and that overseas exchanges are barred from providing services to China-based investors. It also barred financial institutions, payment companies and Internet firms from facilitating cryptocurrency trading nationally.
The government will “resolutely clamp down on virtual currency speculation ... to safeguard people’s properties and maintain economic, financial and social order,” the PBOC said on Friday.
China’s National Development and Reform Commission said it will work to cut off financial support and electricity supply for mining, which it said spawns risks and hampers carbon neutrality goals.
The move comes amid a global cryptocurrency crackdown as governments from Asia to the United States fret that privately operated highly volatile digital currencies could undermine their control of the financial and monetary systems, increase systemic risk, promote financial crime and hurt investors.
They also worry that “mining,” the energy-intensive computing process through which bitcoin and other tokens are created, is hurting global environmental goals.
Chinese government agencies have repeatedly raised concerns that cryptocurrency speculation could disrupt the country’s economic and financial order.
Chinese cryptocurrency exchange Huobi Global said yesterday it had stopped taking new mainland customers from Friday and would end contracts with mainland clients by the end of the year to comply with local regulations.
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