China Central Bank Confirms Crackdown on Cryptocurrencies

A senior official of China’s central bank said last Thursday that the PBoC has already outlined its agenda for the coming year and revealed that it will be reinforcing regulation both internally and with external parties to “rectify different kinds of cryptocurrencies.”

PBoC vice governor Fan Yifei confirmed that they will be cracking down on virtual currencies to protect the integrity of the yuan.

It was noted that the vice governor’s statements on cryptocurrencies follow those previously made by other officials. The bank’s former governor Zhou Xiaochuan also issued some critical statements against cryptocurrency and the perceived risks it poses to the country’s financial stability, while China’s Ministry of Public Security warned in January that it will be going after cryptocurrency-related pyramid schemes.

Source: Reuters

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