Trending

Stories

People’s Bank of China Cracks Down on Crypto Companies Within Shenzhen

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

Babafemi Adebajo
Babafemi Adebajohttps://www.definitionsbyadebajo.com

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

The People’s Bank of China (PBOC) in Shenzhen is reportedly cracking down on the illegal business activities of nearly a dozen companies who are still in one way or the other, involved in cryptocurrency dealings. According to the Chinese media, these businesses have been targeted in the crackdown solely because of crypto trading in the city.

In the article, a local financial website was also identified and accused of illegal display of foreign exchange cash deposit transactions by the regulator. In furtherance, the People’s Bank of China has investigated eight more cases involving unlawful online foreign exchange operations and stock trading.

Also Read

So far, it is still unclear whether any of the targeted companies have been or will be allowed to continue with their other business activities that remain within the confines of the law. According to a recent tweet on the social media platform Twitter by a Chinese crypto-journalist Colin Wu, also known as ‘Wu Blockchain’, the PBOC has shut down the 11 firms suspected of carrying out illegal virtual currency activities.

Apart from the crackdown on crypto trading, the Central Bank of China branch office has also kick-started an enlightenment program aimed at helping consumers and even businesses avoid violating existing financial regulations. This program will certainly help in financial risk prevention.  

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

The branch has also come up with numerous experts who will carry out door-to-door sensitization to over 3,000 companies to help them improve how they handle foreign currency matters.

The regulatory campaign in Shenzhen is in line with the presently ongoing offensive by the Beijing government against all forms of activities related to decentralized digital currencies across the country. It also coincides with efforts to bolster the use of the new national digital yuan currency, a CBDC issued by the People’s Bank of China.

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
Google Pixel 4 and 4 XL Get Last Update WhatsApp Introduces 5 New Features For Status Updates OnePlus First-ever Tablet Launching in India Today ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online Realme GT Neo 5 Full Specs Revealed  Samsung Galaxy S23 Ultra: The New Android King
Google Pixel 4 and 4 XL Get Last Update WhatsApp Introduces 5 New Features For Status Updates OnePlus First-ever Tablet Launching in India Today ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online