China Vows To Keep Fighting Cryptotype’

The people’s Bank of China said on Saturday that the Central Bank would “exert high pressure around virtual currency trading.””

The announcement came a day after policymakers prioritised the bank in the second half of the year.

The PBoC congratulated itself earlier this year for” seriously halting illegal activity in the virtual currency “and said it would continue to monitor financial platforms and quell”the hype around cryptocurrencies.”

The Chinese government has restricted cryptocurrency trading in the country since 2017, when it banned Chinese financial institutions from dealing with crypto. This hampered the activities of crypto exchange exchanges in the country.

On May 17 of this year, the three major payment associations in China reiterated their commitment to this arrangement, claiming that speculative trading “is a serious violation of people’s property security and violates normal economic and financial order.”

China then redoubled its efforts by imposing restrictions on crypto mining five days later to”prevent and control financial risks.” restrictions on bitcoin mining continued in the country in June.

In September 2019, Chinese miners accounted for 76% of all miners. After the restrictions took effect, the Bitcoin hash rate has fallen 76% since Chinese miners moved abroad.

Let’s finish the old one, let’s go into the new one
While disrupting cryptocurrency, the PBoC is busy with the central bank’s own digital currency.

June July 2021, according to a report, the Central Bank’s digital yuan was in 70.75 million transactions, totaling 34.5 billion yuan ($5 billion) by the end of June.

Digital yuan now has more than 20 million portfolios: China’s Central Bank
The digital yuan is not a cryptocurrency, but the digital equivalent of the Chinese physical currency is the yuan. Stored in mobile wallet.

RMB digital tokens have unique IDs, such as banknotes

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