Chinese regulators join forces to crackdown on crypto

To continue fighting crypto, the Chinese central bank has set up a “coordination system” with state agencies. To combat cryptocurrency, the Chinese central bank has established a “coordination mechanism” with state agencies. The announcement stated that the institutions and authorities involved have made significant improvements to crypto monitoring platforms in order to identify illegal transactions more efficiently. “Financial management, cybersecurity and information, telecommunications, public security, and market supervision departments work closely together in cutting off payment channels, disposing of relevant websites, and regulating the trading of crypto assets in compliance with the law.” Chinese regulators have previously imposed similar crypto restrictions, prohibiting crypto exchanges from offering services in China in 2017. Soon after China imposed the crypto exchange ban in 2017, Bitcoin reached $20,000 for its first time in December 2017.

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