December 4, 2022

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More on the PBOC warning over cryptocurrency risks

1 min read

PBOC warns institutions within its jurisdiction not to provide services to crypto-related companies

That includes companies related to providing business premises, commercial display, marketing and public relations, and/or advertising of cryptocurrency-related activities.

Adding that people should refrain from participating in cryptocurrency speculation activities, after the Beijing municipal government cracked down on a company (believed to be Qodo) for allegedly providing software services for cryptocurrency transactions.

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The crypto market has been rather sensitive to these headlines after the tumble in May and the latest by the PBOC/China won’t help in that regard, even if their crackdown is known to be rather strict generally speaking.

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