People’s Bank of China wants to put an end to centralized cryptocurrency trade

Vice Governor of the People’s Bank of China Pan Gongsheng wants to further increase pressure on platforms which trade cryptocurrency and conduct other coin-related activities, the reporters of Reuters found out after acquiring the paper in which the recent discussions on the meeting of Chinese regulators have been recorded.

The Vice Governor mentioned both individuals and wallet services, and even suggested to make the miners’ business much more difficult by various regulations - taxation, eco rules, electricity prices. If implemented, such regulations will certainly mean bad news for Chinese miners.

Chinese authorities started with the ban of initial coin offerings last year, then continued with the ban of cryptocurrency exchanges, and now they are seriously considering banning miners, telling, according to the aforementioned memo, about “pseudo-financial innovations” hampering the development of the real market.

Meanwhile, there are seemingly no news on progress of the local Chinese bank-issued cryptocurrency, which might mean the authorities abandoned the project after looking into it, like their counterparts in the Federal Reserve. The latter information about the Fed became known thanks to Steven Mnuchin, chief of the United States Treasury.