China's Central Bank Announces Tough Action Against Crypto Bears Results!

 China has previously repeatedly sparked concern in the crypto market by taking a harsh approach to crypto. In the latest report, the Central bank announced to be committed in conducting monitoring after the follow -up action of the eradication of crypto assets across China.

In a recent China Financial Stability Report, the People’s Bank of China stated that long-term cryptocurrency crackdowns have come to an end. Following regulatory amendments, the Central Bank changed their approach from imposing bans to routine monitoring.

According to the People’s Bank of China, asset management, equity public funding, cryptocurrency trading, currency trading that has undergone rectification will be under the routine monitoring of the Central Bank.

The Chinese government is firm in tackling illegal economic operations across the country. Ranging from illegal fundraising and fraud to unregistered crypto trading exchanges.

In August, the bank announced in a media briefing that crypto trade in China had suffered a drastic fall since the government stepped up their crackdown on crypto. So far, the latest report reports that action from the government and the Central Bank has borne fruit.

Several cases of illegal fundraising that have accumulated over the years and have been long delayed have been addressed. The risk of large -scale and systematic OTC funding has also been successfully resolved. Violence against illegal and criminal activities is also bearing fruit.

However, the market has not reacted to this FUD from China. Bitcoin traded at $ 50,776.52, up 1.25% in 24 hours.

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