China Will Continue to Pressure Crypto Trading

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The People’s Bank of China (PBoC), the central bank of the country, plans to continue applying a regulatory pressure on cryptocurrency trading, according to a document published by the regulator after a meeting.

In the meeting, the regulators have been talking about the progress on monetary policy during the first 6 months of the year as well as the next steps to be followed in the rest of 2021.

In addition, the regulators have also concluded they will continue their supervision of fintech giants like Ant Group. We should remember that the Chinese authorities cancelled the company’s initial public offering (IPO) in November last year.

The regulators have also said they will keep working on green finance as well as on the internalization of the digital yuan, the country’s central bank digital currency (CBDC).

The Chinese authorities have been applying a great pressure on the crypto industry in the country for quite some time. For instance, in June, the central bank of the country asked banks and payments companies to not offer cryptocurrency-related services.