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The Chinese central bank’s branch (PBOC) in Shenzhen has begun to crack down on illegal crypto token transactions. Its targets are new companies suspected of engaging in unlawful crypto token activities. Colin Wu, a Chinese crypto-journalist also identified as ‘Wu Blockchain‘ on Twitter, said the PBOC has already discontinued 11 such firms.
According to reports, the PBOC prosecuted the companies as an effective campaign to show zero tolerance to cryptocurrency trading.
In July, the Shenzhen branch of China’s apex bank had placed 46 companies on their list to investigate possible involvement in illegal virtual currency trading. In addition, regulators deployed a task force to identify companies and networks involved in unlawful cryptocurrency trading.
Programs to Curb Illegal Virtual Currency Activities
The branch confirmed they had rectified virtual illicit currency trading activities. As a result, they promptly halted 11 newly emerging companies suspected of doing illegal virtual currency activities. They also dealt with a famous domestic financial website suspected of propagating foreign exchange deposit trading violations.
The People’s Bank of China also accused eight illicit online foreign exchange operations and cross-border stock trading subjects.
The bank has gone further to launch programs to assist consumers in avoiding trouble with financial regulations. For example, they have established a pilot program that offers “targeted education” for financial consumers by forming individual risk prevention and education plans. It also coordinates groups of professionals to provide door-to-door services to over 3,000 firms to help them manage foreign currency issues better.
Crackdown on Cryptocurrency
Shenzhen’s suppression of cryptocurrency-trading firms is similar to initiatives that other regions in the country have taken in recent months. The State Council’s Financial Stability and Development Committee – chaired by Vice-Premier Liu He– announced further repression in May. The diktat should end bitcoin mining and trading in China to reduce financial risks. Also, the state warned banks not to provide services like trading, clearing, and settlement for cryptocurrency transactions.
Government authorities have since reported the termination of mining operations in their regions, thus contributing partly to the market dip in May. Furthermore, last month, the Chinese central bank (PBOC) released a statement calling for companies to stop crypto-related business or face significant consequences.
According to the State Council’s Financial Stability Committee, China’s top financial regulator, led by the Chinese president’s top aide in economic and financial matters Liu He, the current cryptocurrency repression significantly upgrades existing regulations. However, it’s still uncertain if the targeted companies can proceed with their other business activities.