The PBOC said it would “resolutely crack down on virtual currency speculation, financial activities and inappropriate behavior in order to protect people’s property and maintain economic, financial and social order.”
He said trading in virtual currencies has become “widespread, disrupting the economic and financial order, giving rise to money laundering, illegal fundraising, fraud, pyramid schemes and other activities. illegal and criminal ”.
Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.
The crackdown on crypto opens the doors for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.