Chinese Regulators Worry About Crypto Resurgence, Issue New Warning

China’s securities regulators has urged Beijing authorities to carry out relevant actions aimed at preventing the usage of cryptocurrencies by the public.

In a Dec. 27 announcement on the China Securities Regulatory Commission (CSRC) website pointed out the risks of the resurgence of digital currencies, such as the escalation of crypto trading activities, digital currency mortgage provision and introduction of zero-interest loans, as well as serious violations of the People’s Bank of China (PBoC) provisions. Signatory to the announcement were four Beijing-local regulators. 

To address risks, the regulators issued a warning and called local authorities to combat cryptocurrency-related illegal activities in Beijing. The warning reiterated the Chinese government’s negative stance towards cryptocurrencies, stating that both legal entities and individuals cannot carry out virtual currency sales, investments or transactions, nor engage domestic or foreign agents to trade…