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  • Beijing Review

    ECONOMY

    Jun 03, 2021 4 minutes

    Tighter Regulation

    China has enhanced supervision over virtual currencies to further fend off financial risks and forestall speculation in virtual currency businesses.

    Bitcoin mining and trading-related activities will see a crackdown, according to a statement from a meeting of the Financial Stability and Development Committee under the State Council in May.

    The statement came days after three Chinese industrial associations vowed to apply tougher restrictions on virtual currency trading. It also indicates an escalation of regulation, as the targets for supervision have expanded from bitcoin trading to mining.

    Financial institution members, payment institutions and other agencies shall

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