China Shuts Down Software Manufacturers Over Alleged Crypto-Related Activities and Issues Industry-Wide Warning – Regulating Bitcoin News

The People’s Bank of China (PBOC), the country’s central bank, has shut down a software company for alleged involvement in cryptocurrency transactions. The central bank also warned organizations against “providing premises, commercial displays, advertising … and other services for cryptocurrency-related business activities.”

  • China’s central bank warned companies not to support cryptocurrency-related businesses on Tuesday when it shut down a software company for alleged involvement in crypto transactions, AFP reported.
  • The Beijing Central Bank of China ordered the shutdown of a software company called Beijing Qudao Cultural Development. The central bank claimed the company was involved in providing software services for cryptocurrency transactions.
  • The central bank claims the shutdown was necessary “to prevent and control the risk of speculation in virtual currency transactions and to protect the safety of public assets”.
  • The bank also warned organizations against “providing premises, commercial displays, advertising … and other services for cryptocurrency-related business activities.”

  • The PBOC recently ordered financial and payment institutions not to offer cryptocurrency-related services to their customers.
  • The announcement came shortly after provinces in China, including Sichuan, Inner Mongolia and Qinghai, closed cryptocurrency mining farms, causing miners to move their operations overseas.

What do you think of China closing a software company for alleged involvement in crypto transactions? Let us know in the comment section below.

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