China shuts down software maker suspected of crypto links

Amid strict rules banning Chinese companies from dealing directly with crypto-related entities, the government has decided to shut down a Beijing-based software maker suspected of being linked to cryptocurrency trading. 

Reuters published a brief article today saying China’s Central Bank had ordered the immediate closure of a Beijing-based software development company it accused of meddling in crypto trading. 

Chinese authorities issued a statement that they themselves prescribed the company Beijing Qudao Cultural Development Co Ltd to suspend its activities. He also said the company’s website had been removed. 

The officials ‘ statement also highlighted the people’s Bank of China’s negative attitude towards cryptocurrencies. He reiterated his order that no company should make direct transactions with crypto-related entities. The statement also says companies should not offer crypto-related locations, commercial images or advertisements. 

The move is the latest in a long-running struggle by Chinese authorities with everything related to cryptocurrencies. In May, the government announced its intention to introduce stricter crypto regulation. 

Then, in June, China’s Central Bank announced it would close the accounts of customers suspected of carrying out cryptocurrency-related activities such as trading. 

Moreover, bitcoin mining in China has been hit hard. Many miners were forced to close their operations, and some chose to move their operations abroad. Others were given time before the end of the year to stop their activities. 

All this food from China has led to the price of bitcoin doubling from April’s high. In addition, Chinese miners who shut down their machines led to a big drop in bitcoin’s output. 

In the search for positivity in this sea of negativity caused by China, the price of bitcoin can be said to have found a strong buy

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