The People’s Bank of China (PBoC) released a statement saying it will continue high regulatory pressure on the crypto market.
The statement comes a day after policymakers set the bank’s priorities for the second half of the year. It will take high steps to prevent major financial risks and less number of high-risk financial institutions in key provinces.
The PBoc also said, “it will promote various green finance tasks, open up financial markets, continue its de-risking campaign and pursue yuan internationalization and the rollout of the digital yuan.”
In May, three major payment associations in China reconfirmed their commitment to that regulation, claiming that speculative trading was “seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”
Crypto trading was mentioned along with platform companies, likely referring to fintech giants such as Ant Group. It also imposed a series of regulatory actions targeting monopolistic behavior at online payment platform Ant Group co. over 2020.
The PBoc reiterated that its prudent monetary policy will be flexible, targeted, reasonable, and appropriate. The main goal is to provide a powerful and effective way to accelerate the construction of a new development pattern and financial support.