People’s Bank of China announces a crackdown on crypto exchanges

China's Central bank People's Bank of Chian (PBoC) has officially announced that it will crack down on crypto exchanges in Shanghai. PBoC announced that it would adopt measures such as inspections and bans on crypto exchanges.

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According to an official announcement today, the regulator announced that it would adopt monitoring measures such as interviews, inspections, and bans on the monitored crypto exchanges in Shanghai.

 

“Investors should not mix blockchain with cryptocurrency.”

According to a statement shared by Dovey Wan on twitter, PBoC announced to crack down on crypto exchanges to resolve rising risks in the field. The announcement reads that cryptocurrency speculation is rising amidst the recent promotion of blockchain technology in China. It also stated that investors should not mix blockchain technology with cryptocurrencies.

Earlier today, authorities in Chinese city Shenzhen announced to investigate crypto exchanges for illegal activities. The finance bureau of Shenzhen municipality has identified 39 undisclosed cryptocurrency exchanges that will be investigated.

 

China to soon launch its CBDC.

Chian is also all set to launch its central bank-backed digital currency. Several experts believe that China’s digital yuan can challenge the global dominance of the US dollar. However, PBoC has not confirmed as to when the digital currency will be out. Earlier, the Chinese President Xi Jinping endorsed blockchain technology as he urged the country to take the lead in this field, which also affected the cryptocurrency market as the price of the leading currency went into frenzy before slumping down.

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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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