China says they will keep regulatory pressure on crypto market

The People’s Bank of China says that they will try their best to keep the regulatory pressure on Cryptocurrency through the high restriction on financial institutions. 

China banned crypto mining & crypto trading recently. And also a recent report indicates that Chinese government will ban crypto holding ownership soon. Now another news is coming from the end of Chinese Central bank to remain active to move their steps forward put pressure on crypto.

Related : China Waiting Bitcoin To $500,000 For Next Ban

On 31 July, People Bank Of China ( PBOC) released a statement about crypto regulations. PBOC said that they will keep oversight on financial services so that they can strictly comply with the regulations framework. They further added in their statement that they will lower the risks that are associated with the financial platforms. To prevent any financial risk they will lower the number of financial institutions which are “highly risky” against regulatory pressure. 

Actually PBOC wants to say that they will Blacklist those financial platforms/services which are suspected that they may violate the crypto mining/trading ban law. 

Already in the recent statement, they banned all possible services which are related to crypto. Even they blacklisted crypto news websites. 

Related : China’s Regulatory Pressure On Crypto News Websites

While the Chinese government declared full ban on crypto, they revised their ban law with the addition of the advertisement/banner/promotion/news/event. This is a clear indication that how much Chinese authorities are against the crypto. 

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