China Reinforces Anti-Crypto Measures Amid Surge in Speculative Trading
Mainland China has reiterated its tough stance on cryptocurrencies, signaling plans to intensify its crackdown on speculative trading, according to China Daily.
Officials from the People’s Bank of China (PBOC), Ministry of Public Security, and Central Cyberspace Affairs Commission stated that virtual currencies are not legally recognized as money and cannot be used in markets. They emphasized that all related activities constitute illegal financial operations during an inter-agency meeting held on Friday.
Authorities flagged a recent increase in speculative trading as a growing financial risk. Despite years of restrictions on mining and trading, China has recently regained its position as the world’s third-largest hub for bitcoin (BTC) mining.
