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Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

People's Bank of China (PBoC) highlighted the importance of regulating cryptocurrencies and decentralized finance (DeFi). The bank emphasizes the need for a collaborative international approach to create effective crypto regulations.<\/p>\n\n\n\n

Its latest financial stability report<\/a> marks the first time the PBoC has dedicated a section specifically to cryptocurrency assets. It underlines that while the crypto market represents just 1% of the global financial system and has limited ties with traditional finance, its regulation is crucial.<\/p>\n\n\n\n

Colin Wu, a prominent local industry journalist, notes the significance of the bank's focus on crypto assets. The PBoC urges governments worldwide to adopt a uniform regulatory approach. Which is encapsulated in the principle of \"same business, same risks, same supervision.\" This strategy aims to prevent regulatory loopholes.<\/p>\n\n\n\n

The bank's report points out several dangers including susceptibility to hacker attacks, market manipulation, and DeFi governance issues. The collapses of the Terra ecosystem and the FTX exchange are cited as examples of the need for more unified regulatory measures to avoid supervision gaps.<\/p>\n\n\n\n

See Related:<\/em><\/strong> China's Central Bank Has No Plans To Stop Strict Crypto Crackdown(Opens in a new browser tab)<\/a><\/p>\n\n\n\n

Crypto Game Token Conversion<\/h2>\n\n\n\n

The General Administration of Press and Publication of China (GAPP) proposes new rules to control in-game tokens. On the same day, GAPP released draft<\/a> guidelines prohibiting converting in-game tokens to fiat currency.<\/p>\n\n\n\n

These draft guidelines, which include 62 Articles, aim to regulate the online gaming industry tightly. They propose requirements such as obtaining a license in China, storing customer data for up to two years, aligning content with national and socialist values, and eliminating anonymous user registrations.<\/p>\n\n\n\n

Article 23 of the guidelines specifically targets the use of game tokens. It seeks to ban their exchange for physical goods or legal tender, leaving ambiguity around cryptocurrencies, which are not recognized as legal tender in China. The move appears to be an effort to separate online game economies from the broader economy.<\/p>\n","post_title":"China's PBoC Advocates For Unified Global Crypto Regulations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinas-pboc-advocates-for-unified-global-crypto-regulations","to_ping":"","pinged":"","post_modified":"2023-12-24 23:12:39","post_modified_gmt":"2023-12-24 12:12:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14755","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3787,"post_author":"1","post_date":"2022-03-07 18:01:01","post_date_gmt":"2022-03-07 07:01:01","post_content":"\n

A statement<\/a> made by Peoples Bank Of China (PBOC) iterated there are no plans to stop their crackdown on cryptocurrencies.<\/p>\n\n\n\n

A recent Bloomberg report<\/a> states that in the PBOCs annual meeting, which maps out the financial markets regulatory priorities for the coming year, crypto regulations were high on the list. The statement expressed that China will \"continue to maintain a high-pressure crackdown on virtual currency trading speculation.\"<\/p>\n\n\n\n

Chinas Efforts At Regulation<\/h2>\n\n\n\n

China recently doubled down on its regulations with the announcement of an amendment<\/a> that makes crypto fundraising an illegal offense. <\/p>\n\n\n\n

Along with this, regulators have been working closely<\/a> with the police. Ensuring that there are no illicit cross-border transactions stemming from their country.<\/p>\n\n\n\n

Again, one of the most concise crackdowns on cryptocurrency mining<\/a> and trading was made<\/a> in Beijing during May of 2021. The crackdown consisted of kicking major mining and crypto exchanges out of the whole country in an effort to minimize the use of cryptocurrencies in China.<\/p>\n\n\n\n

The efforts have seemed to take the intended effect in China so far. With China's global proportion of bitcoin transactions in China dropping rapidly from more than 90% to 10%, stated <\/a>the PBOC.<\/p>\n\n\n\n

\n\n\n\n

Opinions and information expressed through The Distributed is not investment advice. Any action a reader may take upon the information on our website is at their own risk. The Distributed does not recommend any buying, selling or holding of cryptocurrencies and digital assets.\u00a0<\/p>\n","post_title":"Chinas Central Bank Has No Plans To Stop Strict Crypto Crackdown","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"chinas-central-bank-has-no-plans-to-stop-strict-crypto-crackdown","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/a-guide-to-cryptocurrency-mining\/\nhttps:\/\/www.thedistributed.co\/chinas-supreme-court-declares-crypto-transactions-illegal\/","post_modified":"2023-04-11 12:52:33","post_modified_gmt":"2023-04-11 02:52:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3787","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT

PBOC

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
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