The Shenzhen branch of PBoC shut down 11 companies suspected of conducting illegal crypto activities
According to Shanghai Securities News, China’s leading financial newspaper, the Shenzhen branch of the People’S Bank of China (PBoC) has launched a special rectification for illegal cryptocurrency trading activities. At the same time, they quickly cracked down and arrested 11 emerging companies suspected of being involved in illegal crypto dealings.
Shenzhen, China strengthens crypto crackdown
Currently, this bank branch has overhauled a famous domestic financial website, which is suspected of promoting illegal foreign exchange deposit transactions. They also strictly handle eight reports of criminal activities related to online foreign exchange and cross-border stock trading.
It is known that by the end of July, the Shenzhen Central Sub-branch has compiled a list of 46 practical activities, focusing on the emergency and worrying situation in this area. These include launching a special financial support activity to develop individual industrial and commercial households with the aid of loans for small businesses and serve the people’s livelihood. Or promote the Yantian District Government Administrative Service Hall to pilot the establishment of the first loan service window in Guangdong Province to address the difficult first loan problems such as insufficient financial support for loan-free small and micro enterprises, asymmetry of bank-enterprise information, and complex loan application procedures. And, of course, more substantial pressure on crypto-related activities,…
China is one of the leading countries in the pilot project for multinational companies’ integrated domestic and foreign currency fund pools to reduce corporate capital operating costs and exchange costs. This promotes the new cross-border RMB facilitation policy and further supports the stabilization of foreign trade and foreign investment. In addition, they optimize payment services to help the elderly overcome the “digital divide.”
Recently, China has also stepped up the promotion of digital services for many capital projects. However, despite attaching importance to the digitization of the economy, China is still particularly hostile to cryptocurrencies. So far, they have only mentioned blockchain with a friendly attitude and still hold an aggressive stance towards Bitcoin. And of course, this action of Shenzhen towards crypto is not strange.
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