China doubles down on digital currency crackdown

China doubles down on digital currency crackdown
Companies in China are being warned not to provide digital currency-related services, as the country continues to clampdown on cryptocurrency activity.
In the latest development, The People’s Bank of China (PBoC) issued a statement reinforcing the message. It said: “We solemnly warn relevant institutions within our jurisdiction not to provide business premises, commercial display, marketing, and paid diversion services for virtual currency-related business activities. Financial institutions and payment institutions within the jurisdiction shall not directly or indirectly provide virtual currency-related services to customers.”
The PBoC is also warning companies and individuals against speculative cryptocurrency dealing, and is encouraging them to report suspected violations of regulations related to digital currencies.
The Bank said a Beijing-based software firm was recently forced to close over its suspected involvement in providing software services for virtual currency transactions. It said the measure was necessary to “prevent and control the risk of speculation in virtual currency transactions, and protect the safety of the public’s assets.”