RATE Group | China Is Poised for Another Crypto Trading Crackdown as Speculative Fever Returns
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China Is Poised for Another Crypto Trading Crackdown as Speculative Fever Returns

15 Nov China Is Poised for Another Crypto Trading Crackdown as Speculative Fever Returns

Posted at 23:30h in Cryptocurrency News by

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Financial regulators in China appear set to crack down on cryptocurrency trading again after President Xi Jinping’s praise for blockchain technology revived speculation in the sector.

Regulators in each district of Shanghai must search and inspect local crypto exchange-related services before Nov. 22 and report to the central bank for further actions, according to an official notice signed by the Shanghai Internet Finance Rectification Agency and the Shanghai Bureau of the People’s Bank of China.

The notice emerged online on Friday. Chinese business publication Caixin confirmed its authenticity in a report published later that evening. The effort is led by the Shanghai government’s finance bureau, Caixin said.

The move underscores China’s complicated relationship with emerging decentralized technologies. In his speech earlier this month, President Xi called on his countrymen to “accelerate the development of blockchain technology,” and China has long been…

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