China has been tough on cryptocurrencies over the past few years, and the central bank said it would keep up the pressure in the second half of the year.
PBOC will continue to pressure the cryptocurrency market
The People’s Bank of China (PBOC) has revealed that it will keep up its pressure on the cryptocurrency market. China’s apex bank made this known at a conference with policymakers earlier today.
According to the central bank, there is a need to continue clamping down on cryptocurrency trading and speculation following its efforts earlier this year. Bloomberg reported that “The People’s Bank of China will also supervise financial platform companies to rectify their practices according to regulations, it said in a statement on Saturday. Policymakers met on Friday to discuss work priorities for the second half of the year.”
The People’s Bank of China stated that in the second half of the year, it would work towards preventing major financial risks and look to lower the number of high-risk financial institutions in key provinces. The apex bank will also accelerate its work to create a financial stability law that was proposed by deputy governor Liu Guiping earlier this year.
China is not favorable for crypto traders and miners
The numerous clampdowns on cryptocurrency activities have made China one of the toughest countries for cryptocurrency trading and mining. The provinces of Sichuan and Anhui recently banned crypto mining activities, leading several miners to relocate to other countries.
The PBOC also banned financial institutions from providing services to cryptocurrency companies. Thus, making it tough for crypto exchanges to operate in China.