China Is Cracking Down on Crypto – Again!

China’s Central Bank has announced yesterday that Chinese banks and payment institutions should prevent crypto transactions.

That means the Chinese central bank wants commercial banks to stop providing a variety of cryptocurrency services, including:

  • opening accounts
  • transactions
  • and settlements

In short: China wants banks to stop engaging in crypto-related activities. This will include five major banks in China:

  • Alipay
  • the Agricultural Bank of China
  • the China Construction Bank
  • the Postal Savings Bank of China
  • and the Industrial Bank

China is cracking down on on Crypto and DeFi again! Of course, this is nothing new.

In fact, China has been trying to ban cryptocurrencies since the inception of Bitcoin. Just recently, China has been cracking down on Bitcoin miners, which lead to a sell-off in Bitcoin price.

Last week, Sichuan, a popular province for Bitcoin miners for much of the year, banned Bitcoin mining on account of the industry’s immense energy demands, cutting off yet another popular mining province from the industry, and joining a list of provinces that includes Xinjiang and Inner Mongolia.

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