FX.co ★ China intensifies its crackdown on crypto

The Chinese authorities continue to tighten their grip on the crypto market. Thus, China’s central bank issued another ban on providing services to companies related to cryptocurrencies. According to the statement posted on the regulator’s website, financial and payment institutions are banned from providing such services as business premises, marketing, and advertising of business activities that involve virtual currencies. Experts say that this is just the beginning of a massive national clampdown against the crypto industry in China. The decision of the People's Bank of China logically comes after China’s State Council’s Financial Stability and Development Committee vowed to crack down on bitcoin mining and trading and take countermeasures against bitcoin-related activities. The watchdog also warned investors to be cautious and protect their personal bank accounts that must not be used for replenishing or withdrawing cryptocurrencies. The PBC also advised investors to raise their risk awareness and form a safe investment approach. The regulator warned citizens against participating in speculative crypto-related activities and promoting cryptocurrency trading.