China Crypto

China’s Vice Premier ordered to “rectify” Bitcoin mining and trading activities

One of the top officials in the Chinese government has voiced a demand for stricter regulation of Bitcoin-related activities.

During the 51st session of the China Financial Stability and Development Commission chaired by Vice Premier Liu He, lawmakers took a tougher stance regarding cryptocurrency mining and trading. encode.

Specifically, the goal of the meeting is to plan strategic tasks to be carried out related to China’s financial sector in the coming time. One of the tasks set out is to limit and control financial risks. The Commission is listing a number of risks to watch out for, including: early detection and prevention of credit risk; strengthen supervision of financial activities of enterprises; regulate Bitcoin mining and trading activities; and limit personal credit risk.

According to Coin68, this is a much more serious statement than the announcement made by Chinese financial associations earlier this week, warning financial institutions not to provide related services. regarding cryptocurrencies. The reason is because the request to rectify Bitcoin mining and trading came directly from one of the most senior officials of the Beijing government, as well as the announcement of the incident was also posted on the official website of the company. Chinese Government.

However, the keyword “Bitcoin” only appeared once in the above announcement, so it will need to wait more to get specific confirmation on whether China is indeed banning Bitcoin or not.

Some rumors now confirm that the ban is real, but only targeting Bitcoin mining using thermal electricity and still allowing Bitcoin mining with hydroelectricity. This rumor has yet to be verified.

However, panic is beginning to pervade the cryptocurrency market. Immediately after the news went viral, the Bitcoin price dropped more than 10% from $40,000 to $36,100, erasing all that had recovered from the May 19 drop.

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