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.
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