Bank of China could take extreme measures against cryptocurrencies

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TL;DR Breakdown

• The Financial Protection department of the PBoC is one of the main regulators in China.
• Bank Of China asks over 10 crypto platforms in Shenzhen to adjust their way of working.

Recently the Director of the Financial Rights Protection agency at Bank Of China, Yin Youping, said that cryptocurrencies have no legal value, so they are not supported. These strong statements made cryptocurrency financial services agencies concerned that a new wave of regulations could be approaching China.

According to the People’s Daily Online newspaper, the PBoC Director said that Bitcoin and other cryptocurrencies are assets of speculative value. Youping also dared to tell citizens in China to know and understand the risks of trading cryptocurrencies.

Bank Of China activates monitoring plans in crypto transactions

The Bank Of China official also anticipated that monitoring plans on crypto transactions would be re-activated. Regulators will use the support of national authorities to verify each crypto transaction from or abroad.

The Bank also seeks to act against crypto websites to end decentralized commerce. The Bank will focus on crypto platforms, Dapps, and groups that support the virtual market in cryptocurrencies.

The Bank Of China Protection Office is reportedly an active member of the crypto regulators group. This authority works with the Banking Regulation Commission that prevents illegal transactions based on virtual currencies.

Youping explains that his next goal is to increase regulations against cryptocurrencies. The aversion that Youping has towards cryptocurrency trading makes his regulatory measures look exaggerated. Youping has also mandated citizens in the country to report any illegal cryptocurrency collection to regulatory authorities.

A new wave of crypto regulations hits China

Although authorities in Beijing had not commented for months, these latest announcements may point to a new wave of regulations in China. Last week the Bank Of China demanded that several operating companies in Shenzhen reconsider their work with cryptocurrencies. The Chinese Bank sent a threat rather than a request, which alerted national companies.

The Shenzhen city subdivision of the People’s Bank began with an adjustment plan towards 11 companies accused of using cryptocurrencies for illegal operations. It is unknown which companies are affected by these accusations, or the Bank of China measures took against them.

Since the beginning of the year, the Chinese government activated its plan “without tolerances” against the cryptocurrency market, affecting several platforms and private banks. In May, the government firmed the regulatory measure, which causes the large price drop in several tokens, especially Bitcoin.

Some investors’ panic is this new wave of regulations will cause Bitcoin to lose its value again. For now, the cryptocurrency BTC is trading above $48,581 with a rise of 0.83 percent in 24 hours.

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