China Has Completed ‘Rectification’ of Crypto Transactions: PBOC

The country’s central bank has warned banks and payment services providers to stay away from virtual currencies.

Sep 3, 2021 at 12:35 p.m. UTC
Updated Sep 3, 2021 at 2:31 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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.
  • Authorities and state-sanctioned industry associations have also warned against conducting or enabling virtual currency transactions and trading.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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