Central Bank of China cracking down on cryptocurrency trade

The Crypto Daily - Movers and Shakers - April 2, 2021

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. See more from Benzinga

China has banned financial institutions from cryptocurrency transactions since 2017. The move has prevented cryptocurrency exchanges from operating in the country. Why it’s important: The statement from the People’s Bank of China comes after officials introduced restrictions on Bitcoin (CRYPTO: BTC) mining earlier this year, causing Bitcoin’s hashrate to drop by 76%. Many Chinese miners have relocated to other countries.

What’s next: As China continues to escalate restrictions on cryptocurrencies, the country’s central bank has been working on developing its own digital currency. A recent report indicates digital yuan has been used in 70.75 million transactions, reaching a total value of 34.5 billion yuan ($5 billion) by the end of June. Decrypt reports that the statement comes a day after bank officials set priorities for the second half of the year.

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