People’s Bank of China targets Shenzhen crypto firms in a crackdown

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According to reports, the People’s Bank of China (PBOC), Shenzhen has set out to correct the business activities of a dozen businesses that are allegedly involved in cryptocurrency transactions. Chinese media claim that the entities were targeted in a crackdown on cryptocurrency trading in the city.

People’s Bank of China takes action against coin trading in Shenzhen, a Chinese economic news paper, reported Tuesday that China’s central bank branch in Shenzhen has begun to tackle illegal cryptocurrency trading. The PBOC “rectified” 11 companies “suspected to be engaging in illegal virtual currencies activities as part of its new campaign. Report detailed.

According to the article the regulator also identified a local website that illegally promoted foreign currency cash deposits transactions. The People’s Bank of China also investigated eight cases of illicit online foreign currency and cross-border stock trades.

It isn’t known if the targeted entities were allowed continuing their business activities. According to Chinese crypto journalist Colin Wu, also known as “Wu Blockchain” on Twitter, the PBOC shut down all 11 companies.

The Chinese central bank’s regional office has taken a tough stance against crypto trading and launched a mission to assist consumers and businesses in avoiding financial regulation violations. The program includes an educational program that focuses on financial risk prevention. The branch has established expert teams to provide door-to-door assistance to more than 3,000 businesses in order to improve their currency management.

The Shenzhen government has launched a regulatory campaign amid ongoing Beijing government attacks on decentralized digital currency activity. It also coincides in the promotion of the new national currency, the Yuan, which promotes the use of digital currencies. CBDCIssued by the People’s Bank of China

The State Council, China’s executive branch, made a pledge in May to put more emphasis on cryptocurrency mining and digital asset trade as part of its efforts for financial risk control and long-term environmental goals. The Chinese central authorities have reaffirmed their previous warnings regarding crypto industry.

Do you think the People’s Bank of China (PBOC) will increase its crackdown against crypto activity in Shenzhen Please comment below with your expectations.

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Branch, Businesses Campaign, China, Chinese Businesses, Crackdown Crypto Activities, Cryptocurrency Transactions. Crypto Yuan, Foreign Exchange. Office, PBOC. People’s Bank of China. Program, Shenzhen. Virtual currencies

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