This letter: Unselected
The most important marketplace in the market is how well Wall Street’s positive ideas respond. We are saved on the weekend.
China has stepped up its crackdown on cryptocurrencies by declaring that all transactions related to digital currency are “illegal”.
The People’s Bank of China, the country’s largest bank, targeted foreign exchange cryptocurrencies on Friday, announcing that it was illegal to offer online services to Chinese nationals.
This was seen as an attempt to close the gap left by the PBoC in May after it barred financial institutions at home from disbursing cryptocurrency funds.
In recent months, Chinese traders have continued to invest in cryptocurrency using foreign platforms.
The PBoC announced Friday that all Chinese nationals working in foreign exchange will be investigated “in accordance with the law”, as well as organizations that offer advertising, payment and support services.
The PBoC has said it has worked with the Ministry of Homeland Security and internet administrators to crack down on “suspects of financial irregularities”.
Despite China’s collapse, the country is still an important global crypto market. Crypto-operated wallets owned by users who think they are in China have received $ 150m digital payments from January to June, “second only to the US”, according to a report by Chainalysis analytics providers.
The PBoC said: “In the recent past, the concept of cryptocurrency is on the rise, disrupting financial and financial systems, bringing illegal and violent activities such as gambling, money laundering, fraud, pyramid schemes and money laundering. This endangers public safety.”
PBoC is planning on its own to develop an accredited renminbi, making it a banker in the region. The money is to be tested at the 2022 Fifth Olympics.
Jason Guthrie, head of digital marketing and digital marketing services manager WisdomTree in Europe, said: “China’s attempt to ban crypto is just a continuation of the system, but it is expanding its reach before establishing a digital renminbi.”
Regional governments this year has been released A number of restrictions on the electronic electronic content of many electronic devices.