China cracks down on crypto exchanges as it gears up to launch digital yuan.

The Chinese authorities continue to crack down on the private cryptocurrency sector ahead of the digital yuan launch.

The Chinese authorities are cracking down on the private cryptocurrency sector ahead of the digital yuan launch. A popular Chinese cryptocurrency journalist, Colin Wu, has reported that the local cryptocurrency exchange TokenBetter users cannot take their money back. The exchange blocked withdrawals amid the investigations by the police in Sichuan province. After OK and Huobi, another exchange from China, TokenBetter, was investigated by the police in Sichuan, China. Earlier, it claimed to have received an investment of $50 million, but the probability is exaggerated, the journalist wrote.

 

Crypto community fears exit scam. 

The withdrawals from TokenBetter are not available for nearly a month as the person in charge has been under investigation since October 16. At the time of writing, the crypto exchange website is not accessible, while its activity in social media stopped on October 15. Some of the crypto community members suspect exit scam as the exchange failed to provide any explanations and just stopped all communications with the customers.TokenBetter is not the first victim of the Chinese authorities’ aggressive approach towards cryptocurrency exchanges. OKEx had also suspended withdrawals on October 16, citing that the private key holder was working with the law enforcement authorities.

 

The People’s Bank of China gears up to launch its CBDC. 

The Chinese authorities have been implementing a series of strict measures towards the cryptocurrency industry ahead of the digital yuan launch. The central bank has proposed banning any yuan-pegged digital tokens in the new draft, effectively killing off any competitor to its central bank digital currency. PBoC published a statement late month soliciting feedback from the public on the new draft law. Citizens have until November 23 to submit their feedback on the drafted amendments. The newly drafted law seeks to amend the “Law of the People’s Republic of China on the People’s Bank of China.”

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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