The latest development in the Chinese crypto crackdown saw the Central Bank announce, “normalized supervision”, along with revealing the completion of the nationwide virtual currency transactions crackdown.
China's central bank: the crackdown on virtual currency transactions has basically been completed and has been transferred to normalized supervision. https://t.co/T3Pa28BS9R pic.twitter.com/HMzdhDOJ8r
— Wu Blockchain (@WuBlockchain) September 3, 2021
In the recent China Financial Stability Report, the People’s Bank of China stated that their long-term and ever-expanding crypto crackdown finally comes to, what can be called an end. As the necessary regulatory amendments throughout the country in several digital spheres reach completion, the Central Bank revealed that the supervision will change from crackdown mode to routine operations.
“Online asset management, equity crowdfunding, Internet insurance, virtual currency trading, internet foreign exchange trading, and fields have basically completed the rectification work and have been transferred to normalized supervision.”, stated the People’s Bank of China.
Central Bank confirms shut down of all illegal financial operations
The Chinese government has categorically dealt with illegal economic operations throughout the country. From illegitimate fund-raising and scams to cross-border gambling and unregistered virtual asset platforms, all have been resolved as China undergoes the ultimate financial evolution.
In the month of August, the bank announced in a press briefing that the cryptocurrency trading frenzy has seen a drastic fall since the government intensified the crypto crackdown. However, the briefing did not speculate the crackdown was nearing its end. Henceforth, the latest report confirming the success of China’s crypto crackdown has come as a shock to the crypto community.
“Illegal financial activities have been vigorously encountered. Illegal financial activities such as illegal financing have been severely cracked down. Some illegal fund-raising cases that have been accumulated for many years and have been delayed for a long time have been dealt with. Large-scale and systematic OTC funding risks have been effectively resolved. Severely crackdown on illegal and criminal activities such as cross-border gambling and underground money houses and maintain the healthy order of the payment service market and the foreign exchange market.”
Last month, when the People’s Bank of China had to reinstate its crypto crackdown stance, it appeared that another phase of the crackdown will be unveiled. The government seemed concerned in lieu of a “possible rebound in virtual currency trading operations”. Nevertheless, the plot twist in the Chinese Crypto Crackdown was in fact the Climax.