China's People's Bank declares a comprehensive ban on crypto assets... "Harsher than 2021"
China's People's Bank declares a comprehensive ban on crypto assets... "Harsher than 2021"
Chinese authorities once again reaffirmed a comprehensive ban on cryptocurrency trading and mining, dismissing market expectations for regulatory easing.
According to cryptocurrency-focused outlet U.Today on February 6 (local time), the People’s Bank of China convened officials from government ministries, internet regulators, and the judiciary to issue a strong statement on cryptocurrency regulation. The central bank made it clear that all cryptocurrencies, including Bitcoin, cannot have the same legal status as fiat currency. It emphasized that any business transactions involving cryptocurrencies within China constitute illegal financial activities and vowed to strictly enforce crackdowns.
This move is widely seen as a response to a recent resurgence of cryptocurrency speculation in China and growing calls to lift the mining ban. In 2021, Chinese authorities ordered a complete shutdown of all cryptocurrency-related transactions and banned mining. The People’s Bank of China urged relevant agencies to further strengthen regulatory policies and legislation and to deepen interagency cooperation to tighten enforcement.
In particular, authorities plan to enhance monitoring of fund flows and build information-sharing networks to eradicate illegal cryptocurrency-related criminal activities. The Chinese government also classified services provided by overseas cryptocurrency exchanges to Chinese residents as illegal and left open the possibility of investigations into related personnel. Experts say this statement reconfirms that the Chinese government will not allow the return of Bitcoin miners.
China’s hardline stance adds to global market uncertainty despite expectations for pro-cryptocurrency policies under the Donald Trump administration. Investors are closely watching how China’s measures may influence regulatory directions in other countries while observing changes in market supply and demand.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for any investment losses based on it. The content should be interpreted solely for informational purposes.*
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