The Shenzhen Central Branch of the People’s Bank of China announced that it has decided to close 11 companies that it thinks are involved in virtual currency trading. The central bank issued a statement to clear 11 companies related to Shenzhen province. According to local reports, the Shenzhen branch of the People’s Bank of China has announced that they will release a list of 46 more companies suspected of involvement in illegal virtual currency trading by the end of July. The Shenzhen branch is specifically set to identify and fix companies found to be involved in illegal virtual currency trading. The branch officially announced that it has completed the fix of a well-known local financial site that violated foreign exchange deposit trading, and released the following statement: Special fix for illegal virtual currency trading activities and promptly clean up and fix 11 emerging companies suspected of engaging in illegal virtual currency activities. It also completed the fix of the well-known local finance website suspected of spreading foreign exchange deposit trading violations. Appropriately addressed 8 reports of illegal and criminal activities related to online currency and cross-border stock trading. The People’s Bank of China announced at a recent conference that it will continue its pressure on digital assets in the second half of the year. China continues to put pressure on Cryptocurrencies! China kicked off strict crypto crackdown with Bitcoin mining bans in May. At the time, China was impacting more than 60% of Bitcoin mining hashrate, as the majority of mining operations operated outside the country. The Central Bank cited environmental concerns and the carbon emission target as the reason for the pressure it exerted. Authorities expanded crypto crackdowns on digital asset trading and began banning companies found to be involved in it. Chinese pressure is not a new phenomenon and would not be complete without a bull market. In 2017, the country banned all crypto exchanges in the country, while in 2013 it banned the use of cryptocurrencies. Chinese pressure generally continues in the second part of the bull run, which has historically proven to be more important than the first.
CNY - Chinese Yuan Renminbi