China’s Latest Moves on Bitcoin and Cryptocurrencies
Beijing, China. In the latest development in China’s regulation of cryptocurrencies, the country’s central bank, the People’s Bank of China (PBOC), issued a statement reiterating its stance on virtual currencies.
The statement, published on the PBOC website on Friday, April 16, 2021, states that “virtual currency-related business activities are illegal financial activities.” The PBOC emphasized that providing services related to cryptocurrency transactions, including trading, clearing, and settlement, is prohibited.
The PBOC also warned individuals and institutions against participating in cryptocurrency-related activities, stating that they “shall bear all losses arising therefrom.”
This latest statement from the PBOC is a continuation of China’s ongoing efforts to crack down on cryptocurrency trading and speculation. In recent months, the country has taken several measures to restrict cryptocurrency-related activities, including:
* Banning financial institutions from providing cryptocurrency-related services
* Shutting down cryptocurrency exchanges
* Prohibiting initial coin offerings (ICOs)
China’s stance on cryptocurrencies is part of a broader crackdown on financial risks and illegal activities. The country’s regulators are concerned about the potential for cryptocurrencies to be used for money laundering, terrorism financing, and market manipulation.
The PBOC’s latest statement is likely to further dampen sentiment in the cryptocurrency market. However, it remains to be seen whether China’s actions will have a significant impact on the long-term prospects of cryptocurrencies.
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