According to Reuters news agency, on September 24, 2022, 10 Chinese government agencies stepped up their tightening of cryptocurrency-related activities, including a national mining and trading ban.
China's central bank, together with banking, securities and exchange regulators, issued a joint statement. that they will work closely to tighten operations related to Bitcoin and cryptocurrencies
The People's Bank of China (PBOC) said that Bitcoin and cryptocurrencies cannot be traded as traditional currencies and banned foreign exchanges from providing services to investors in mainland China.
The PBOC also banned financial institutions, payment companies and internet companies from facilitating cryptocurrency transactions.
The government “will resolutely prevent cryptocurrency speculation, related financial activities and misconduct in order to protect people’s assets and maintain economic, financial and social order.”
The PBOC said that in recent years, “trading and speculation in Bitcoin and other cryptocurrencies has become widespread, disrupting the economic and financial order, giving rise to money laundering, mobilizing illegal capital movements, scams, multi-level models, and other activities.” illegal”. .
China's National Development and Reform Commission (NDRC) says it is launching a nationwide crackdown on cryptocurrency-related activities. Previously, this only happened at the local level.
Chinese authorities took many actions and activities to ban Bitcoin and cryptocurrencies starting in 2017. At that time, the world's most prestigious virtual currency exchanges operating in mainland China had operations. moved their headquarters out of China, but business activities remained strong among investors. But never before has the Chinese government been as strong against virtual currencies as it is now.
According to the AFP news agency, in June 2022, more than 1,000 people were arrested for using profits from illegal activities to buy cryptocurrencies.