China continues crack down on crypto ‘trading hype’

The People’s Bank of China (PBoC) has issued a statement informing the public that it will not release pressure on “virtual currency trading hype”.

The statement follows publication of the central bank’s goals for the second half of the year on Friday.

PBoC explained that it had already made significant progress against illegal activities pertaining to virtual currency and said that it would continue to monitor and intervene with platforms that propagate the kind of “trading hype” that the bank wants to eradicate.

China was quick and unapologetic to move on crypto trading as early as 2017 when a blanket ban made it impossible for crypto exchanges to operate in the country.

According to the country, allowing citizens to participate in crypto trading could be “seriously infringing on the safety of people’s property and disrupting the normal economic and financial order”.

However, the country is not giving up on the grander idea of introducing its own digital currency with the digital yuan gaining traction and even fuelling a rift between the US and China.

US lawmakers petitioned the country’s Olympic Committee, asking the sports body to officially prohibit the use of digital yuan by American athletes competing in the upcoming 2022 Beijing Winter Games.

China offered a firm rebuttal of the allegations that the e-yuan may be invading athletes’ privacy, asking US lawmakers to “educate themselves” on what a digital currency does.

As uncertainty about China’s digital yuan continues abroad, the country itself is confident that crypto trading must be monitored closely.

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Updated: 08/02/2021 — 11:01