(CoinTelegraph) The Chinese government is intensifying a crackdown on the crypto industry as state authorities are galvanizing forces to combat crypto operations in the country.
The People’s Bank of China (PBoC) on Friday announced new measures to fight against the adoption of crypto in China, including promoting stronger inter-agency coordination to clamp down on crypto transactions.
10 Chinese state authorities have formed a “coordination mechanism” to prevent financial players from taking part in any cryptocurrency transactions.
The announcement revealed that authorities and institutions had completed improvements to crypto monitoring sites to identify any illegal cryptocurrency transactions effectively.
The PBoC emphasized that a number of government agencies were going to be involved in the crackdown on crypto in compliance with Chinese laws.
Wen Xinxiang, director of the payment and settlement department at the People’s Bank of China, raised concerns over the growing popularity of cryptos and stablecoins, pushing for additional measures for the traditional financial system to rival the industry.
Beijing’s latest moves further reaffirm China’s anti-crypto position as local authorities have already started shutting down numerous mining farms and suspended crypto trading this year.
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