PBoC continues the crackdown on cryptocurrency trade

PBoC continues the crackdown on the cryptocurrency trade. People’s Bank of China has shut down a company that provided bitcoin trading software. As Chinese officials continue the crackdown on crypto-related transactions.

A senior PBoC official declared two days after the closure that the central bank would ramp up testing of its prototype “digital yuan.”

Beijing Qudao Cultural Development, a software firm, has been ordered to cease operations by the PBoC’s Beijing office, according to a statement released on July 6.

Following a meeting with banks and payment companies, the PBOC issued a statement ordering them to properly monitor customer accounts, identify those involved in cryptocurrency transactions, and terminate their payment channels as soon as possible.

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