Tuesday, June 3, 2025
The Lagos Today
  • Login
No Result
View All Result
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Startups

China Intensifies Crypto Crackdown as CBDC Implementation Nears

by Eucharia Egwuma
August 4, 2021
in Startups
Reading Time: 2 mins read
0
0
China Intensifies Crypto Crackdown as CBDC Implementation Nears
Share on FacebookShare on Twitter

The People’s Bank of China is intensifying its cryptocurrency crackdown.

In a statement released on Saturday, the People’s Bank of China stated that it will “keep heavy pressure on virtual currency trading hype.” The announcement comes a day after officials announced the bank’s goals for the second half of the year.

The PBoC praised itself earlier this year for “severely clamping down on illicit virtual currency operations,” and stated that it will continue to monitor financial platforms and fight down on crypto “trading frenzy.”

Since 2017, when Chinese financial institutions were prohibited from dealing with cryptocurrency, the Chinese government has limited crypto trading in the nation.

Three major Chinese payments groups reaffirmed their adherence to the regulation on May 17 this year, stating that speculative trading was “seriously endangering the safety of people’s property and disturbing the regular economic and financial order.”

China subsequently stepped up its efforts by imposing crypto mining limitations five days later in other to “avoid and manage financial hazards.” Throughout June, the country witnessed heavy restrictions on Bitcoin mining.

CBDC caused the crackdown on cryptocurrency.

The PBoC is working on its own central bank digital currency while cracking down on cryptocurrency.

According to the central bank’s July 2021 progress report, the digital yuan was utilised in 70.75 million transactions by the end of June, with a total value of 34.5 billion yuan ($5 billion).

The digital yuan is the digital version of China’s physical money, the renminbi. It is not a cryptocurrency. Like banknotes, digital yuan tokens have unique identities, but the government can simply follow the digital version and know whose wallet it is in, a convenient feature for when the government wants to clampdown on illicit activity.

Meanwhile, China’s crypto clampdown has positively boosted the digital yuan, helping it gain traction as evidenced by the 70.75 million transactions recorded at the end of June, with a total value of 34.5 billion yuan ($5 billion).

Share this:

  • Facebook
  • X

Like this:

Like Loading...
Tags: CBDCChinaCryptocurrency
Previous Post

SEC chairman: Crypto assets are ‘ripe with fraud, scams and abuses’

Next Post

Google Allows Crypto Ads To Be Run in New Policy

Eucharia Egwuma

Eucharia Egwuma

Related Posts

NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

by Iyanu Ale
May 5, 2025
0

In a move poised to transform how African businesses manage financial transactions, South African fintech startup NjiaPay is streamlining payments...

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

by Iyanu Ale
May 2, 2025
0

Ghanaian energy tech startup Kofa has successfully raised $8.1 million in a pre-Series A funding round to scale its AI-powered...

Next Post
Google Allows Crypto Ads To Be Run in New Policy

Google Allows Crypto Ads To Be Run in New Policy

Please login to join discussion

Recommended

A Kabul evacuee’s tale: Dread, chaos and the Taliban

Blue Line: LASTMA Closes Marina Road, Lists Alternatives

4 years ago
PHOTO NEWS: #EndSARS protest ongoing in Badagry

PHOTO NEWS: #EndSARS protest ongoing in Badagry

5 years ago

Popular News

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Economic and Financial Crimes Commission EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu House of Representatives Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Nigeria Customs Service Nigerian Economy Nigeria Police Force Rape Strike action TECH UK United Kingdom US

    News

    Opinion

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result

    © 2020 The Lagos Today - Nkali.

    %d