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China takes crypto crackdown to another level, shuts company for suspected crypto trading

China blockchain

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TL;DR

TL;DR Breakdown

  • China bans entertainment firm for suspected crypto involvement
  • China crackdown on crypto is intensifying as more crypto firms come under scanner

China has taken their crypto crackdown to a new level after shutting down an entertainment firm suspected to be into crypto trading.

The firm is said to have a Non-Fungible Token (Mao Li coin). The firm Beijing Qudao Cultural Development Co Ltd was ordered to seize all operations, and their website was suspended as well.

The order was issued by the Beijing financial supervision administration of the People’s Bank of China. The central bank, in its statement, said We have canceled a Beijing company that provides software services for virtual currency transactions and closed its website. No institution may provide services for virtual currency transactions.

Previous orders from the country’s central bank held that no institution should offer any kind of support in any form to crypto firms.

China’s crypto crackdown continues to get tougher

China’s crypto crackdown has been a hot topic in the crypto space for months now. China has been hostile towards crypto firms from the onset as they are popular for always warning crypto firms every now and then.

The Asian country this year has been on the neck of crypto miners leading to one of the largest migration of crypto miners from a particular location ever experienced. Over 60 percent of crypto miners in China has migrated as the mining hash power of BTC has dropped 50 percent.

After China resumed its crypto crackdown this year, firms outside China that has been servicing Chinese crypto firms backed out.

Why China has been against crypto for years now remains unclear, but the country has expressed interest in Blockchain technology.

Unconfirmed report has it that China is against crypto and its development in China to pave the way and enable a soft landing for its Central Bank Digital Currency (Digital Yuan).

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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