China Central Bank Shuts Down Beijing Company over Suspected Crypto Trading

A Beijing office of China’s central bank issued an order on Tuesday for Beijing Qudao Cultural Development Co Ltd, a software maker, to suspend its operations over suspicions of being involved in crypto-related trading. According to Reuters, the company’s website had been shut down, allegedly as part of the People’s Bank of China (PBoC) office’s order.

The Beijing financial supervision administration and a department of the PBoC already confirmed the matter in a statement issued on local media. In the same press release, the bureau pointed out that companies based in the city should not be venues for conducting any cryptocurrency-related businesses whatsoever. There were no further details about the order, but the crypto community in social media took the news as another step in China’s renewed crackdown on virtual currency activities.

“The fact that China is trying to stop Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term this hard shows how much of a threat $BTC can be to governments,” NFTeddy, a well-known crypto influencer, commented on the news via Twitter. Furthermore, the statement sent by the Chinese authorities in Beijing included crypto-related advertising as part of the banned activities that businesses should not engage in.

Crypto Mining: Another Industry Hit by the Crackdown

Additionally, Crypto mining has been another industry harmed by the crackdown deployed by the Asian government. Recently, Finance Magnates reported that Bitmain, one of the world’s largest Bitcoin mining hardware manufacturers, halted the sales of its machines for delivery globally amid the current Chinese government’s crackdown on crypto mining. Furthermore, domestic miners had to flee the country to seek other territories to keep running their operations, such as United States, Canada, Australia, Russia, Belarus, Sweden, Norway, Kazakhstan, Angola, Congo and Indonesia.

Furthermore, IBC Group announced on Monday that it had decided to shut down its Bitcoin and Ethereum mining operations. Earlier this year, China’s central bank warned commercial banks against cryptocurrency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.