According to the Bloomberg Terminal and the 8BTC Chinese crypto news outlet, Beijing Tongdao Cultural Development Co. Ltd. has been suspected of providing services in cryptocurrency trading and its website has been blocked by a department of the People’s Bank of China (PBoC).
Business Administration Department of People's Bank of China stopped a Beijing company suspected of providing service for virtual currency transactions. #Bitcoin #Crypto #China
— 8BTCnews (@btcinchina) July 6, 2021
The Central Bank of China has again reminded businesses and banks that they must not participate in crypto transactions or assist crypto trading or mining companies in any manner.
Beijing Tongdao Cultural Development was suspected of providing software for crypto trading by the Business Administration Department of the Central Bank of China.
This has occurred despite the recent ban by the Chinese government regarding cryptocurrency trading in the country, as well as cryptocurrency mining.
CHINA CENTRAL BANK BEIJING OFFICE ORDERS SHUTDOWN OF A BEIJING-BASED SOFTWARE MAKER SUSPECTED OF CRYPTO TRADING
— *Walter Bloomberg (@DeItaone) July 6, 2021
CHINA CENTRAL BANK BEIJING OFFICE WARNS COMPANIES IN BEIJING NOT TO PROVIDE VENUES, COMMERCIAL DISPLAY, ADVERTISING FOR CRYPTOCURRENCY-RELATED BUSINESSES
Miners of Bitcoin, Ethereum and other PoW crypto coins are either getting out of business and selling their rigs or leaving China, relocating to friendlier countries with cheap electricity or friendlier governments, such as Canada or Kazakhstan.
The recent Chinese crypto mining ban has pushed the Bitcoin hashrate way down and a Chinese crypto journalist Colin Wu believes it would be hardly possible to restore it to the previous high by the end of this year.
Vladislav Sopov
