PBoC signals continued pressure on crypto trading

The People’s Bank of China (PBoC) will continue to apply regulatory pressure on the cryptocurrency trading sector, according to the published итогов рабочей конференции учреждения, посвященной итогам первого полугодия и задачам на вторую половину 2021 года.

One of these priorities, the PBoC says, is to further tighten regulation of internet-finance platforms and curb illicit cryptocurrency operations.

The PBoC also noted that it would promote the greenness of financial services, aiming to minimise carbon emissions.

In May, Vice Premier Liu He of the State Council, at a meeting of the Financial Stability and Development Committee, stated that measures regarding bitcoin mining and trading were being prepared.

In June, the PBoC held a meeting with representatives of financial institutions and forbade them from participating in cryptocurrency transactions.

In July, Deputy Governor of the PBoC Fan Yifei stated that Bitcoin and stablecoins have become speculative instruments, threatening the safety of the financial system and social stability.

At the same time, the regulator intends to continue pilot projects with the digital yuan, aiming to internationalise the national currency.

As reported, co-founder and former BTCC chief Bobby Lee says that China wants to regulate cryptocurrencies for the achievement of its main goal — the globalisation of the digital yuan.

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