China Central Bank Calls for Broader Crypto Crackdown

China Crypto Crackdown

June 21, 2021

Reading Time: 2 minutes

In the series of unfortunate events that have been crippling in the crypto industry throughout the UK and Thailand, China is in arms with the new insurrection.

Today, China Central Bank has called upon Chinese banks and similar payment institutions to stop supporting a wide array of cryptocurrency operations, including opening new accounts, performing transactions and settlements.

Reportedly, China Central Bank has interview five banks; Alipay, Agricultural Bank of China, China Construction Bank, Postal Savings Bank of China, and the Industrial Bank. All the named banks have received instruction to halt crypto-related business as part of the broader crypto crackdown in the country.

China Crypto Woes

This news comes timely with the central bank’s efforts to cut down the mining industry after a financial committee in China classified Bitcoin mining as a financial risk in May 2021, crashing the currency by almost 12%.

“It is necessary to maintain smooth operation of the stock, debt, and foreign exchange markets, severely crackdown on illegal securities activities, and severely punish illegal financial activities,” the Chinese government said at the time.

Around the same time, the State Council spoke out against Bitcoin mining, and it has not been easy ever since for miners in China.

Noteworthy, China had launched the first nationwide crackdown on cryptocurrencies in 2017. Unfortunately, this movement did not entirely yield owing to the recent Chinese president Xi Jinping’s remarks to accelerate the development of blockchain technology.

Dictated by the increasing concerns of Bitcoin mining, China Central Bank is now championing another crypto crackdown precisely aimed at the mining industry.

Sichuan, a famous mining province in China, has been forced to ban mining activities and join a list of other provinces (Xinjiang and Inner Mongolia) that have ceased to operate.

We all want to live in a clean eco-space, but as long as Bitcoin mining undermines this political interference will not cease.

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