PBOC goes tougher on firms, shut 11 more

TL;DR Breakdown China central bank clampdown on 11 firms for engaging in illegal crypto activities.China clampdown on crypto has taken massive toll on crypto industry. The Peoples Bank of China (PBOC) has again clampdown on 11 firms based in Shenzhen for engaging in ‘illegal cryptocurrency activity.’ Shanghai Securities Journal, a state-owned media firm, reported that the Shenzhen branch of the PBOC plans to “rectify” those 11 companies that were “suspected” of “carrying out illegal virtual currency activities.” The firms were alleged by the PBOC of violating foreign exchange rules and running a crypto service despite a nationwide ban. The report also noted that the PBOC would advocate for enlightening financial consumers about technology and preventing risk. China has been big on the crypto ban in recent months. This clampdown comes just weeks after the PBOC ordered the closure of a Beijing-based software provider Beijing Qudao Cultural Development Co Ltd, for providing crypto trading services. PBOC crypto ban and booming crypto economy in China The severe clampdown on both crypto exchanges and crypto mining firms in China has taken a serious toll on the booming mining ecosystem in China and the entire crypto space in the country. In the heat of the crypto ban in China, the news led to a sharp fall in the prices of Bitcoin at that time until the market recovery being experienced currently. China previously held t...