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China is ready to impose more restrictions on digital currencies

Following the Chinese government’s crackdown on digital currencies, lawmakers, courts and law enforcement agencies are now considering how to implement the provisions of last month’s sensational statement on digital currency-related activities.

to the Report The statement, written by China’s central bank, called on Chinese companies to take punitive measures against customers who trade digital currencies. The statement also warned that overseas platforms targeting Chinese customers would be fined.

Similar statements have been made in the past, but the digital currency extraction industry, hardware and exchanges seem to be terrified by this joint statement, to the point that a number of digital currency operators immediately start their own businesses. Shut down. The Huobi exchange reportedly was aware of the central bank’s decision and fired its staff a week before the statement was issued.

However, the companies seem to have made their decision based on the fact that the signatories of the Bank of China statement are executors who, with real power to punish, intend to deal severely with it. The Supreme Court, the Supreme Prosecutor’s Office and the Ministry of Public Security of China are among the signatories to this decision.

According to Jiwei News Agency, these officials are reviewing the system of punishment for illegal extraction of digital currency and undeclared activities related to digital currency.

The Chinese title of the statement can almost be translated as “further prevention and avoidance of risks associated with digital currency trading.” “Dismissing” digital currency-related activities can be an important priority for sectors that have begun to assess how to comply with legal requirements.

The Chinese media says:

Legal entities are conducting research into digital currency exchanges, digital currency extraction, and other related activities, and are considering options for sentencing and sentencing.

According to the media, the judicial interpretations of this statement will be determined in due course.

A spokesman for the People’s Bank of China told the media on October 11 that the government would continue to push for tougher digital currency-related activities.

The spokesman for the People’s Bank of China once again referred to the three digital currencies Bitcoin, Ethereum and Tetra. Tetra is an important gateway for bitcoin traders in China, and has already given many Chinese access to bitcoin on platforms abroad.

He added that Beijing’s policy on digital currencies is transparent and consistent, and that law enforcement agencies are coordinating their actions in this regard. More stringent measures in this regard are accompanied by central and provincial efforts.

The People’s Bank of China has concluded that these austerity measures maintain China’s economic and financial order as well as social stability.


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