February 23, 2024

China urged government agencies to increase pressure on the crypto industry

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The China Securities Market Regulatory Commission called on government agencies and their employees to take appropriate measures to prevent the cryptocurrency market from reviving.

In the published document, the regulator warned about the risks associated with the use of digital assets in commercial transactions, recalling that such actions violateregulations of the People's Bank of China and are illegal.

In order to prevent the use of cryptocurrencies in the country, the commission called on local authorities to increase pressure on investors and operators through conversations, opening administrative investigations, shutting down websites and initiating criminal cases.

In addition, the regulator also calls for preventing the promotion and publication of any information on virtual currencies not only within its jurisdiction, but also abroad.

The warning once again confirms Beijing’s negative stance towards the crypto industry and the authorities’ fear of losing control over the global popularity of digital assets.

Meanwhile, the People's Bank of China is testing its own digital currency for electronic payments in the two cities.

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