China Continues Anti-Crypto Stance With Beijing Warning; Will it Work?

Shanghai Securities News has just reported that authorities in Beijing, China’s capital, have renewed their anti-crypto stance. Per the report and one from The Block, the Beijing Local Financial Supervision and Administration 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 requested for firms under its jurisdiction not to engage in crypto-related activities.

This news comes just a month after the Shanghai branch of the People’s Bank of China issued a similar warning. Per previous reports from NewsBTC, an announcement published by the central bank remarked 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, the Chinese central bank asserted that it will continue…