Chinese Central Bank Continues to Suppress Crypto Operations in China

The Chinese Central Bank has today announced all payment institutions must further suppress cryptocurrency activity in China.

Furthermore, China’s CB has called for payment institutions to stop to halt an array of crypto services. This includes opening accounts, making any crypto transactions, and settlements.

The Central Bank has allegedly interviewed FIVE banks (including Alipay). And requested them not to participate in any crypto-related business as part of China’s wider shutdown on the industry.

Additional banks include the Agricultural Bank of China, the China Construction Bank, the Postal Savings Bank of China. And the Industrial Bank.

China crypto grief

The CB’s announcement comes surrounded by the Chines efforts to halt crypto activities –specifically in the crypto mining industry.

In May 2021, Bitcoin plummeted by 12% when a financial Chinese committee included Bitcoin mining in a laundry list of activities that posed a plethora of financial risks. The Chinese government said at the time, “it’s necessary to maintain smooth operations of the stock, debt. And foreign exchange markets, severely suppress all illegal activity. And harshly punish illegal financial activities.”

It was the first time the State Council precisely spoke out against BTC mining, and since then, the condition in China hasn’t improved for miners.

In the last couple of days, Sichuan, a popular province for BTC miners banned Bitcoin mining on account of the industry’s titanic energy demands, cutting off yet another prominent mining province from the industry.

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