People’s Bank of China in Shenzhen is “cleaning up” illegal crypto companies

The People’s Bank of China department in Shenzhen is adamant about crypto-related actions which might be thought of illegal. The department lately “cleaned up and corrected” 11 new companies suspected of illegally trading cryptocurrencies, in line with a report by state-run Shanghai Securities News yesterday.

The report didn’t embody the names of the companies or how they have been sanctioned. The crackdown on crypto companies is associated to a broader package deal of measures to fight illegal cross-border trading in international alternate and shares with a reported goal of international alternate deposit transactions. “

In the branch’s agenda summary, Shanghai Securities News also noted that in parallel with actions against illegal companies, the Shenzhen PBoC is planning to:

“Implemented a pilot venture of ‘correct schooling’ for monetary shoppers, utilizing know-how to create correct portraits of prospects and arrange personalised schooling and insurance coverage packages.”

The Shenzhen government has consistently taken a rigorous approach in line with Beijing’s increasingly strict stance on the crypto sector over the years. While ownership of cryptocurrencies has never been banned entirely, the Chinese state has gradually increased restrictions on the industry since 2017. In the past year, measures aimed at mining and trading cryptocurrencies have increased due to Beijing’s decarbonization commitments.

Related: Has China’s Cryptocurrency Industry Disappeared? Beijing’s crackdown continues to create shock waves

While decentralized cryptocurrencies are likely to remain the subject of raids across cities and regions for the foreseeable future, the Shenzhen government will be working with the PBoC to implement cryptocurrency advertising from 2020 onwards, and city residents will be able to use the digital yuan on buses and subways as well so that their cards can be topped up.