The People’s Bank of China head office has just made a new regulatory update which clarifies the legal situation for cryptocurrency trading in the country.
China is pushing its policy of ‘blockchain, not cryptocurrencies’ to the extreme with a fresh round of regulatory stipulations for the industry. The People’s Bank of China has just released a new regulatory update that seeks to clamp down on digital currency trading in the country.
The story was first reported by crypto-journalist Dovey Wan (@DoveyWan).
There are a few key points in the announcement which should be noted.BREAKING 🚨🚨🚨
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) November 22, 2019
PBOC Shanghai Head office just made a new regulatory update as
“Strengthen regulation and control, clamp down cryptocurrency trading” pic.twitter.com/zL0BgOJBUF
- The PBoC has reaffirmed its stance against ICOs, IEOs, STOs, and other initial coin offering-like schemes. All of these are illegal under Chinese law.
- Cryptocurrency exchanges based outside of mainland China but offer services in the country will be more tightly regulated. Fiat and settlement channels will be ‘cleaned up.’
- Shanghai law enforcement will be targetting digital currency platforms registered overseas, specifically.
![Blockchain Alliance Shanghai](https://beincrypto.com/wp-content/uploads/2019/11/bic_china_state_media_blockchain.jpg.optimal.jpg)
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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
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