People’s Bank of China and Related Parties to Monitor and “Clean-Up” Crypto-Related Businesses Within the Jurisdiction

On Friday, November 22, 2019, China’s central bank, People’s Bank of China released an announcement that it will be monitoring crypto businesses. It has been disclosed that the “clean-up” will continue since their previous one in 2017. Said decision comes after President Xi’s call for more blockchain presence, which authoritative figures believe might be interpreted incorrectly.

Back in September 2017, China’s central bank along with the country’s ministries and commissions supposedly issued the “Announcement on Preventing the Risk of Subsidy Issuance Financing.” This was an attempt to clear up any ICOs and crypto trading in the country. This supposedly led a decrease in the overall impact of digital assets on the Chinese financial market, not to forget associated risks.

The previous “clean-up” resulted in the disappearance of 13 ICOs being conducted and 10 crypto trading platforms. Since then, officials have been monitoring other sources for information including the likes of “interviews, and inspections.”

That said, the team has since noticed an increase in crypto-related speculation, and as a result, the Shanghai Financial Stability Joint Conference Office and the Shanghai Headquarters of the People’s Bank of China have officially launched special projects to monitor crypto businesses. Here’s as per the closest translation of the announcement:

“The Shanghai Financial Stability Joint Conference Office and […] People’s Bank of China will continue to implement the requirements of the “Announcement” and continuously monitor the virtual currency business activities within the jurisdiction […] Investors should be careful not to mix blockchain technology with currency. There are multiple risks in virtual currency issuance financing and trading.”

In addition, it was disclosed that should domestic residents partake in crypto trading through oversea servers, they will have to face the consequences. The same applies to those suspected of committing any crypto-related crimes.

News outlet, Coin Desk also reported on this matter and mentioned that the recent launch is set to take place in cities such as Shenzhen and Beijing.

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