China’s Central Bank to continue fight against cryptocurrencies in second half of 2021

The people’s Bank of China has come to decide on the ongoing crackdown on cryptocurrencies in the country in the second half of 2021. At yesterday’s conference, there was a consensus on” maintaining” the high pressure on digital currency trading in China, encouraging and enabling trading and exchange platforms to comply with legal requirements and adjust their activities accordingly.

In the second half of the year, China’s Central Bank is unlikely to make drastic and rapid policy changes to further stifle cryptocurrencies. In response, the conference said it was monitoring compliance with previously introduced rules.

Chinese journalist Colin Wu tweeted that the key points of the meeting hinted that there would be no new policy, but meant that the current policy would continue.

The meeting stressed that the suppression of cryptography in the second half of the year was not to strengthen it, but to protect it, which may mean that there is no new serious policy, but a continuation of the existing policy.

President Blockchain (@WuBlockchain) July 31, 2021

CBDC’s cryptography goals in China
The meeting highlights China’s goals of combating crypto and developing CBDC, i.e. digital yuan. One of China’s top priorities is to enter the international arena by working on currency cooperation and the development of the RMB offshore Sunday.

As part of the global expansion, the Central Bank also plans to expand its cross-border trade and investment by adding more territory to the project. In October, the bank aims to promote external debt registration and management reform, including the growth and modification of the internal bond issue management policies of foreign entities.

International yuan via Cbdc
China’s desire to internationalize its CBDCs is not surprising, as the country is promoting the digital yuan (e-CNY) as a way to make the world’s third yuan-

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