Beijing Firm Is Ordered To Close Any Type Of Crypto Related Activities
Chinese authorities officially ordered a firm based in Beijing not to deal with any type of Cryptocurrency related activity whether it is software development or trade related work.
Beijing Qudao Cultural Development Co Ltd is a company which is based in Beijing and this company provides software services.
Chinese Central banks suspected over this firm that this firm had some affairs in Cryptocurrency related activities.
Reports say there are allegations of doing crypto trading even after the ban of crypto trading by Chinese government.
According to a Reuters report on Tuesday, Chinese authorities took action against Qudao Cultural Development firm and ordered to halt their operations immediately and also Chinese government authorities shut down their websites.
After the Cryptocurrency trading ban in China, Banks also warned all the entities which were involved in Cryptocurrency related services directly or indirectly.
People’s Bank of China, a big financial authority of Beijing, stated that they already ordered Qudao Cultural Development company to not provide venues, commercial displays, or advertisement of any cryptocurrency or related businesses, in addition to dealing directly or indirectly with cryptocurrencies.
Well these Restrictions are not starting from here, because there are many companies which face such kinds of problems related with Cryptocurrency.
At one side crypto mining firms and other side unemployment problems for those who were mining individually.
In May 2021, chinese government announced their crypto trading ban and crypto mining ban regulation law and further Central bank of China announced that they will close the account of users when they catch or come under suspicion of trading in Cryptocurrency.
Related: China Moving Toward national Crypto Mining Ban
Companies related to Cryptocurrency services in China are really facing a big problem to sustain their business. Since there are many big firms which decided to exodus from China but there are many firms ( mining , Crypto software, trading companies) which are at a small level and they can’t move out from china.
Related: Korean lawmaker: Cryptocurrency Income Tax Is Identical To Lottery Win
