China's central bank launched on Friday a fresh crackdown on cryptocurrency...
SHANGHAI - China’s central bank launched on Friday a fresh crackdown on cryptocurrency trading in the financial hub of Shanghai, after Beijing’s promotion of blockchain technology reignited interest in virtual currencies.
PBOC’s Shanghai headquarters said in a statement it would crack down on a resurgence of illegal activities around virtual currencies, and cautioned investors not to confuse such instruments with blockchain technology. China launched a nationwide crackdown on cryptocurrencies in 2017, but interest in such currencies revived after Chinese President Xi Jinping said last month China should accelerate the development of blockchain technology, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin.
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