China Continues Its Anti-Crypto Stance With New Beijing Warning

The latest crypto news show that the leading economy in Asia is still maintaining its anti-crypto stance. China continues its ban on cryptocurrencies and recently renewed its anti-crypto stance according to several reports from media outlets including The Block.

As the report shows, the Beijing Local Financial Supervision and Administation Bureau, the Business Management Department of the People’s Bank of China, the Beijing Banking and Insurance Regulatory Bureau, and the Beijing Securities Regulatory Bureau have all requested for firms under their jurisdiction not to engage in crypto-related activities.

The news that China continues its anti-crypto stance comes a month after the Shanghai branch of the People’s Bank of China (PBoC) issued similar warnings. Previous reports in the altcoin news showed that an announcement from the central bank noted that the sale of tokens for Bitcoin, Ethereum and other virtual currencies remains “essentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.”

As such, China continues with its stance and recently asserted that it will continue to “monitor the virtual currency business activities within the jurisdiction,” which will be “disposed of immediately” if discovered soon.

Even though this warning may shock some readers in the Western world, not everyone is sure if it will affect people. According to the chief executive of Sino Global Capital Matthew Graham, no one in China will give any heed to the latest warning from the local authorities in Beijing.

Number of f*cks given in China by anyone except possibly Beijing-based blockchain media: zero

— Matthew Graham (@mattyryze) December 27, 2019

What’s important to note at this point is that Chinese firms have been affected by Shanghai’s anti-crypto sentiment, making it a possibility that Beijing’s latest warnings could serve to a similar effect. The aforementioned warning resulted in many crypto exchanges from Shanghai having to close up shop. It was revealed that they would not serve any Chinese customers from then on forward.

While China continues with its anti-crypto stance, we can see that the digital yuan crypto asset project is still underway. From this, it seems as though Beijing and other authorities around the country are cleaning house in preparation for the launch of China’s national crypto asset. According to earlier reports, the PBOC will soon test the DC/EP (digital yuan crypto asset project) in the cities of Shenzhen and Suzhou, located in the Chinese region known to be similar to the Silicon Valley in the US.