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.
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