China called on state structures to strengthen the pressure on crypto industry

China’s Securities Market Regulatory Commission called on state institutions and their employees to take appropriate measures to prevent the revival of the cryptocurrency market.

In the published document, the regulator warned of risks related to the use of digital assets in commercial operations, recalling that such actions violate the provisions of China’s People’s Bank and are illegal.

In order to prevent the use of cryptocurrency in the country, the Commission called on local authorities to strengthen the pressure on investors and operators using conversations, opening administrative investigations, closing websites and initiating criminal cases.

In addition, the regulator also calls for preventing the promotion and publication of any information about virtual currencies not only within its jurisdiction, but also abroad.

The warning once again confirms the negative position of Beijing in relation to the crypto industry and the concerns of the authorities to lose control over the situation against the background of the global growth in the popularity of digital assets.

Meanwhile, People’s Bank of China

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