China’s central bank has unveiled a new series of measures involving its crypto crackdown, including inter-agency efforts to prevent transactions from happening.
- At least 10 Chinese authorities have joined forces for a “coordination mechanism” which would prevent users from being involved in transactions connected with the digital tokens.
- The authorities have finished improvements in their monitoring platforms to boost efforts to identify illegal cryptocurrency transactions efficiently and dispose of relevant websites and mobile apps in compliance with the law.
- The agencies include the People’s Bank of China, the Cyberspace Administration of China, the Ministry of Public Security, and other departments on financial management, cybersecurity, information, telecommunications, public security, and market supervision.
- China has been relentless in its crackdown against cryptocurrencies. Regulators closed down a number of mining farms and halted crypto trading in the country earlier this year.
PBOC Director Wen Xinxiang earlier expressed concerns over the growing popularity of digital tokens.
BTC is down 3.74%, ETH down 6.71%, and XRP down 5.82%.