China says it has shut down all cryptocurrency exchanges

China says it has shut down all cryptocurrency exchanges

The People's Bank of China, China's central bank, has released its final quarterly report for financial year 2021, in which it made a number of claims about the success of its cryptocurrency crackdown, enacted in September last year. >
He claimed that in an attempt to "rectify the financial chaos", he had "severely cracked down on illegal and financial criminal activities". The PBoC said it eliminated "unlicensed internet-based wealth management institutions and unlicensed payment institutions", as well as "equity crowdfunding platforms".

"All" forms of online lending platforms P2P, including platforms related to cryptocurrencies, have "ceased to function," he added. Furthermore, the authors of the banking report said that domestic "virtual currency trading and token issuance financing platforms" were closed, while access to crypto and forex trading platforms abroad was also " blocked. ”

The PBoC said its measures have helped reduce the risk of“ shadow banking ”and removed unhealthy forms of uncertainty from the economy. But eliminating cryptocurrencies in a nation that was once the industry's center of gravity is proving tricky. According to GWI data compiled in 2018, a staggering 31% of Chinese network users were using virtual private networks (VPNs) at the time, while the most recent data is not available.

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The remarks were made by American-born Chinese freestyle skiing gold medalist Eileen Gu, who claimed on social media, Protocol reported, that "anyone can download a VPN" in China. The post appears to have been censored or deleted, indicating VPNs are still a sore point for China's cyber police.

Although cryptocurrency trading has become more difficult than ever, many Chinese bitcoin enthusiasts are thought to be (BTC) remain active in the market, using VPN and stablecoin as tether (USDT) as a gateway. Over-the-counter (OTC) trading is also thought to be alive and well.

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State bodies have observed the last year that a whopping 21% of post-crackdown illegal cryptocurrency mining in China was traced to publicly owned companies and offices. The press agency published a copy of an internal notice from the securities firm, which warned: "Employees are strictly prohibited from participating in virtual currency mining in any form. Employees are also required to pay attention to the security of personal office computers to prevent them from being infected with [cryptographic] mining viruses. "

Meanwhile, in an official post, Xinzhou city, province Shanxi, announced that it has established a reporting network for residents to anonymously notify police about suspected cryptocurrency mining activities in their neighborhoods.

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