July 7, 2021

China Makes Things Again, China's Latest Action Against Crypto Makes Communities Worried!

 As witnessed of late, China is increasingly active in trying to undermine the crypto market with drastic measures. Today, it was reported that the Central Bank of China (BOC) acted to shut down a Beijing -based software company following suspicion of involvement in crypto trading activities. The company was found to be involved in the crypto -related entertainment industry and has its own crypto known as Mao Li Coin.

All the appliances of Beijing Qudao Cultural Development Co Ltd company were confiscated and their website was also taken down. The order was issued by the Beijing People's Bank of China's financial supervisory administration. The Central Bank states,

‘They decided to revoke the operating authorization of a Beijing company that provides software services for cryptocurrency transactions by issuing instructions that all items of ownership be seized and the website should be taken down. At the same time stressed that no institution or company can provide services for crypto transactions ’.

Orders from the central bank warn institutions and companies not to offer any type of services including providing office space or infrastructure assistance for crypto businesses.

China has become a country that is often mentioned in the crypto community because of the aggressive actions taken. The most populous country in the world regularly issues warnings about crypto and bans any form of crypto business from time to time. This year the ban focused on Bitcoin mining activities. As a result, the strength of the BTC mining network has dropped by 50%.

Many among the analysts are of the opinion that the reason for the ban lately is due to wanting to give way to the launch of CBDC Digital Yuan.