China has closed crypto exchanges – but traders and miners can still be active
China’s central bank – the People’s Bank of China (PBoC) – says all crypto exchanges and peer-to-peer (P2P) trading platforms on the mainland have now been shut down. But it appears that authorities are still waging a battle against crypto mining, as many proponents are said to have moved their activities underground. Lanjinger reported that the PBoC released its latest quarterly report for fiscal year 2021, in which it made a number of claims about the success of its crackdown on cryptocurrencies launched last September. The PBoC claimed that it had “ cracked down on illegal and criminal financial activity” in an effort to “clean up the financial mess.” The PBoC claimed it had eliminated “unlicensed internet-based wealth management institutions and unlicensed payment institutions” and “equity crowdfunding platforms.” “All” forms of P2P online lending platforms, including crypto-related platforms, have “ceased operations,” it added. In addition, the authors of the bank’s re...
