Chinese regulators unite forces to crack down on crypto

The Chinese central bank is setting up a “coordination mechanism” with state agencies to continue battling crypto. Read the full article by: Helen Partz

Key Points:

• China has made another announcement deeming all crypto related transactions illegal again.

• This comes after the May announcement that China was shutting down mining farms as well banning exchanges.

• The peoples Bank of China is going to start building stronger inter-departmental coordination to track all crypto transaction activity.

• At least 10 Chinese state authorities, including the PBoC and the Cyberspace Administration of China, have established a “coordination mechanism” that will attempt to prevent any cryptocurrency transactions.