When the regulatory authorities from China started their crackdown against cryptocurrency firms, it was expected that it won’t last long. As predicted, the crackdown by the Chinese regulators against cryptocurrencies came to an end by the end of June.
That was the time when the entire cryptocurrency community thought that the situation was under control. Many thought that this was the only hammer hit by the Chinese regulators and there won’t be any more crackdowns by the regulators.
Although many thought that cryptocurrencies are free to operate in China, the Chinese regulators have re-initiated their efforts against the crypto-sector in the country.
Since the beginning of September, reports have started coming in that suggest that the Chinese regulators are just getting started against cryptocurrencies in the country.
With every passing day, they are becoming more and more strict and serious about their crackdown against the cryptocurrency sector. The recent reports surrounding the matter reveal that the regulatory authorities from China are bringing in more action and force to control the cryptocurrency sector.
The sources reveal that in order to ensure no cryptocurrency operations are left in the country, the regulators are planning to bring in forces. The responsibility of these forces would be to combat and fight off any operations in the country that are linked with cryptocurrencies.
This would ensure that the cryptocurrency industry is given no space in the country to operate. The financial firms and other service providers thinking about forming partnerships with crypto-related firms would also think twice before doing so.
With the fear of being heavily punished and scrutinized by the regulators and enforcement authorities, even the financial service providers in the country would stay away from cryptocurrencies.
In order to bring the entire cryptocurrency industry under the thumb, the Chinese Government is taking all the steps necessary to establish bonds and coordination among departments.
This way, the departments will be better-ready to investigate and discover any crypto-operations within the country and get rid of them for good. The entity responsible for bringing all major regulators within the country together is the People’s Bank of China (PBoC).
The PBoC is aiming to bring in stricter measurements for the detection and eradication of cryptocurrency-related operations in the country. The PBoC made it official on Friday, September 24, 2021, that it will be taking all necessary measures to stop the crypto-operations from taking place.
It has been revealed that ten major authorities from the state of China have already joined forces with the PBoC. Some of the most prominent authorities include the Ministry of Public Security and the Cyberspace Administration of China. This only means that that the situation for the cryptocurrency industry in China is only going to get worse.