China announced it will tighten its measures on cryptocurrency on Friday, vowing to crackdown on the market by banning “illegal” activities, hitting bitcoin and other major coins.
11 Chinese government entities and authorities rushed to take action by working closely to punish “illegal” crypto mining activities aiming to prevent any severe situations that may emerge by the industry.
Cryptocurrencies must not circulate in markets as traditional currencies, affirmed the People’s Bank of China (PBOC) strictly prohibiting financial institutions, payment companies and internet firms from facilitating cryptocurrency trading.
Before the crackdown that started early this year, cryptocurrency exchanges were long ago banned in China, yet further control of financial risk had been suggested recently by policymakers.
The PBOC stated on its website that the Chinese government will “resolutely clamp down on virtual currency speculation, and related financial activities and misbehavior in order to safeguard people’s properties and maintain economic, financial and social order.”
Following this matter, the world’s largest cryptocurrency, Bitcoin has dropped over 6% to USD42,2167, having earlier been down about 1%.
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