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Bitcoin mining and trading-related activities will be under stricter supervision
  ·  2021-06-09  ·   Source: NO.23 JUNE 10, 2021
Bitcoin mining and trading-related activities will be under stricter supervision, according to a statement from a meeting held recently by the Financial Stability and Development Committee under the State Council.

The meeting also stressed lowering credit risks and strengthening regulations on financial activities of platform enterprises. 

China has enhanced its supervision of virtual currencies to further fend off financial risks and anticipate any speculation in virtual currency businesses. Seen as tightened regulatory scrutiny, the new statement sets the targets for supervision expanding from bitcoin trading to mining. This is deemed as conducive to crackdowns on the virtual currency transaction hype.

Financial institution members, payment institutions and other agencies shall not use virtual currency to price their products or services. Also, online enterprises shall not provide services for virtual currency-related business activities, according to the announcement.

(Print Edition Title: Virtual Currency) 

This is an edited excerpt of an article originally published in China Youth Daily on May 28 
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