Iftar Timings Mar 28 - Ramazan 17

Lahore
LHR
06:20 PM
Karachi
KHI
06:46 PM
Islamabad
ISB
06:26 PM
Peshawar
PWR
06:30 PM
Quetta
QTA
06:49 PM

News

China deepens crypto crackdown with central bank warning

July 6, 2021 07:42 PM


China's central bank warned companies on Tuesday against assisting cryptocurrency-related businesses as it shut down a software firm over suspected involvement in digital currency transactions.

Beijing has turned a sharp eye on cryptocurrency in recent months as it widens its regulatory crackdown on the tech sector.

Cryptocurrency trading is banned in China, and authorities have recently closed mines and warned banks to halt related transactions.

On Tuesday, a Beijing office of the central bank ordered the closure of software company Beijing Qudao Cultural Development, alleging it had been involved in providing software services for cryptocurrency transactions.

The move was necessary "to prevent and control the risk of speculation in virtual currency transactions, and protect the safety of the public's assets", it said in a statement.

The bank also warned organisations not to "provide premises, commercial display, advertising... and other services for cryptocurrency-related business activities".

Financial and payment institutions are instructed not to provide cryptocurrency-related services to customers.

The announcement comes shortly after provinces including Sichuan, Inner Mongolia and Qinghai shut down crypto mines -- causing miners to look abroad -- and follows an earlier warning for banks and a payment giant to halt crypto-related transactions.

Last month, bitcoin tumbled after China's mining ban in southwestern Sichuan.

China is in the middle of a wide-ranging regulatory crackdown on its fintech sector, whose biggest players -- including Alibaba and Tencent -- have been hit with big fines after being accused of monopolistic practices.

 

 



Most Read

  1. Aitchison College principal resigns over differences with Punjab governor Aitchison College principal resigns over differences with Punjab governor
  2. Aitchison College students, parents stage protest against principal’s resignation Aitchison College students, parents stage protest against principal’s resignation
  3. Tribal firefight in Gotki, Motorways section shut down Tribal firefight in Gotki, Motorways section shut down
  4. Five Chinese among six killed in Shangla suicide bombing Five Chinese among six killed in Shangla suicide bombing
  5. Transferred: Lawman bears the brunt of flagging down lawmaker Transferred: Lawman bears the brunt of flagging down lawmaker
  6. Maaz Safder regrets 4-year relationship with wife Saba Maaz Safder regrets 4-year relationship with wife Saba

Opinion

  1. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  2. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  3. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  4. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  5. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer

  6. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer