Shenzhen financial regulators vow to prevent ‘further’ crypto risks

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Three finan­cial reg­u­la­tors in Shen­zhen said they would “pre­vent fur­ther risks” in cryp­to trad­ing, while warn­ing that cryp­tocur­ren­cies and relat­ed busi­ness­es are ille­gal in the mainland. 

See relat­ed arti­cle: Law can’t cov­er cryp­to loss­es, Chi­na court reiterates

Fast facts

  • Cryp­to-relat­ed busi­ness­es and min­ing farms start­ed to announce with­drawals from Chi­na last Sep­tem­ber due to one of the world’s most strin­gent crack­downs on the industry.
  • Fol­low­ing the warn­ing from the trio of Shen­zhen finan­cial author­i­ties, the People’s Bank of Chi­na released a note on Thurs­day to warn investors about cryp­tocur­ren­cy scams. 
  • Last week, state-owned Bank of China’s Chongqing branch also warned against cryp­to trad­ing, and said relat­ed activ­i­ties are illegal.

See relat­ed arti­cle: Why domes­tic and over­seas Chi­nese should wor­ry about China’s cryp­to ban

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