China’s Crackdown on Crypto Speculation Deepens: Central Bank Issues Warning Signs

The Chinese government is taking a firm stance against cryptocurrency speculation, issuing a stark warning that points towards stricter enforcement in the near future. The People’s Bank of China (PBOC) convened with regulatory bodies to address what they see as a concerning resurgence of illicit crypto activities despite China’s 2021 ban on transactions. The meeting highlighted renewed interest in cryptocurrency trading, prompting a reaffirmation of existing restrictions regarding virtual currencies, payment acceptance, and the illegality of all financial activities involving digital assets.