PBOC Shanghai HQ: Plans crack down on bitcoin and cryptocurrency trading

PBOC cautions investors not to confuse between blockchain and cryptocurrency trading.
The crackdown is coming a month after Xi Jinping publicly supported the development of the blockchain technology.

John Isige FXStreet

The central bank of China, the People’s Bank of China (PBOC) is planning to launch a cryptocurrency trading crackdown in the city of Shanghai. According to Reuters, the PBOC made a statement regarding the crackdown on Friday.

The central bank advised investors to be careful not to mistake the blockchain technology and cryptocurrency trading. It clarifies that trading and financing via the issuance of cryptos carries with it numerous risks.

The Shanghai PBOC headquarters’ statement comes barely a month since the President of China, Xi Jinping acknowledged support for blockchain. Firms involved in the development of the technology have seen an increase in interest among investors from the time the statement was issued.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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