Beautiful Virgin Islands

Monday, Jul 14, 2025

China's Central Bank Continues It's Anti-Crypto Agenda In Second Half Of 2021

China's Central Bank Continues It's Anti-Crypto Agenda In Second Half Of 2021

China’s central bank, PBoC, maintains its commitment against illegal activity around cryptocurrency in its list of policy priorities for the second half of the year.

The People’s Bank of China (PBoC) the country’s central bank, wrote in a statement Saturday that the central bank will maintain high pressure on virtual currency trading hype.

The statement comes a day after a policymakers’ work conference to convey and study the current economic situation and make important arrangements for economic work in the second half of the year.

The PBoC was pleased for succesfully cracking down on illegal activities of virtual currency earlier this year, and according to the statement it will continue to supervise financial platforms and crack down on crypto “trading hype.”

The Chinese government has restricted crypto trading in the country since 2017, when it barred Chinese financial institutions from dealing with crypto. This made it impossible for cryptocurrency exchanges to operate in the country.

Earlier in May this year, three major payments associations in China reconfirmed their commitment to that regulation, claiming that speculative trading was seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.

China then introduced restrictions on crypto mining five days later to prevent and control financial risks. Restrictions on Bitcoin mining continued to be enforced through the country in the following month.

Back in September 2019, Chinese miners accounted for 76% of all miners globally. After the restrictions took force, Bitcoin’s hash rate also dropped by 76%, as Chinese miners were forced to relocate to other, more crypto friendly countries.

China & CBDC

While China is coming down hard on crypto, the central bank is busy working on its own central bank digital currency (CBDC).

PBoC’s July 2021 progress report reveals that the digital yuan, coined as e-CNY, has been used in 70.75 million transactions, reaching a total value of 34.5 billion yuan ($5 billion) by the end of June.

The e-CNY is not a classified as a cryptocurrency, but the digital representation of China’s physical currency renminbi (also known as CNY or RMB).

CBDC tokens have unique identifiers, in a same manner like banknotes, with the exception that a government can easily track the digital version and see whose wallet it is in, which becomes very convenient when a government wants to crack down on illegal activities.

Source: China's Central Bank Continues It's Anti-Crypto Agenda In Second Half Of 2021 – Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
×