China Plans Tighter Crackdown on Cryptocurrencies Amid Rising Speculation
China has reaffirmed its hardline stance on cryptocurrencies, announcing plans to strengthen its crackdown on speculative trading, according to China Daily.
Officials from the People’s Bank of China (PBOC), Ministry of Public Security, and Central Cyberspace Affairs Commission stressed that virtual currencies are not legally recognized as money and that all related activities are considered illegal financial operations. They cited a recent surge in speculative trading as a growing financial risk during a Friday inter-agency meeting.
Despite long-standing restrictions on mining and trading, China has recently become the world’s third-largest hub for bitcoin (BTC) mining.
