China’s central bank reiterated its commitment to the ongoing crypto crackdown, amid speculation of even more intensified pressure including a potential bitcoin ban.
The People’s Bank of China (PBoC) said over the weekend it would maintain regulatory pressure on cryptocurrency trading, according to a statement, highlighting supervision of financial platform companies to rectify their practices.
The PBoC said it would also act to prevent major financial risks and seek to reduce high-risk financier institutions in key provinces.
Policymakers met on Friday to discuss priorities for the second half of the year.
More Crypto Pressures
Chinese regulators continue to clamp down on cryptocurrencies across trading and mining.
Onlookers expect unprecedented pressure in the mainland including the founder of China’s first bitcoin exchange BTC China Bobby Lee who predicts a full crypto ban later this year.
«I think there will be a few more announcements coming up in the next few months that'll really stop all the exchanges in their tracks in China,» Lee said in a recent interview. «The final straw would be something like banning cryptocurrency altogether. We've heard over the years that China has banned Bitcoin, technically that's not true. I put the odds at 50-50.»
