Central Bank of China Urged Banks And Financial Institutions To Tighten Crypto Crackdown
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Central Bank of China Urged Banks And Financial Institutions To Tighten Crypto Crackdown

June 21, 2021      Sahaj Sharma

The Central Bank of China released a statement on Monday in which the entity had asked some banks and payment platforms to pressurise the crypto crackdown in the country. Well, this urge of the Central Bank will definitely lay its effects on the crypto market which is already suffering.

Central Bank of China Asks Banks to go Hard on the Crypto Crackdown

Last month, the State Council of China decided to crack down on the trading and mining activities in the country. Most recently, a meeting was conducted by the People’s Bank of China along with Alipay and the Agricultural Bank of China in which the PBOC urged the institutions to produce detailed checks on the accounts of the clients. 

This was to identify the individuals involved in the crypto dealings and minings and promptly cutting their payment channels.

Discussing the risks of possible criminal activities, the PBOC said:

“Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people’s wealth.” 

In addition to this, it should be noted that the nation has also banned a slew of social media accounts that are related to cryptocurrency and even blocked the search for major crypto exchanges like Binance and Huobi.

As Crypto Mining Bans in China, NVIDIA, ASUS GPUs Prices Plunges 

Well, this was quite expected as people are no longer allowed to mine cryptocurrencies, then the requirement for GPUs was definitely going to be decreased.

As a result of the ban and the information provided by Manmanbuy, the e-commerce information provider that tracks the price alterations, Nvidia Quadro, which was priced around 3,000 yuan, was being priced at 2,429 yuan.

The fact that graphic cards are an important component required for crypto mining can not be ignored as they possess the power of hashing.

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#Central bank of China #Crypto Crackdown
Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.