The People’s Bank of China said a crackdown on crypto transactions has been completed.
- Virtual currency transactions have been “rectified” and supervision has returned to normal, the central bank said in its 2021 Financial Stability Report.
- The report grouped crypto along with other internet finance activities of concern, including peer-to-peer lending, online asset management and crowdfunding.
- The PBOC and other authorities have been cracking down on crypto industries since mid-May, enforcing its anti-crypto stance from 2013 and 2017.
- Mining was the first area of focus, with the State Council calling for a crackdown in May. Local and provincial authorities followed suit, and major mining hubs in the country have gone offline.
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