The Chinese government is getting more serious near cracking down on the cryptocurrency industry as state regime are bringing forces to combat crypto operations in the land.

The People's Bank of China (PBoC) officially announced on Friday a set of new measures to fight confronting crypto adoption in Red china, including promoting stronger inter-departmental coordination in not bad downwardly crypto activity.

ten Chinese state authorities, including the PBoC, the Internet Administration of Communist china and the Ministry of Public Security, accept established a "coordination mechanism" to forbid financial players from participating in any cryptocurrency transactions. According to the announcement, the involved authorities and institutions have completed significant improvements to crypto monitoring platforms to identify illegal cryptocurrency transactions efficiently.

The PBoC stressed a wide number of government agencies was at present going to be dandy down on crypto closely in compliance with the Chinese laws:

"Financial management departments, cybersecurity and information departments, telecommunications departments, public security departments, and market supervision departments work closely together to cut off payment channels, dispose of relevant websites and mobile applications in accordance with the police."

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Wen Xinxiang, director of the payment and settlement section at the People's Banking company of China, expressed concerns over the growing popularity of cryptocurrencies and stablecoins, calling for more measures for the traditional fiscal system to compete with the industry.

The latest moves by the Chinese government further reaffirm Red china's anti-crypto stance as local authorities have already shut down multiple mining farms and suspended crypto trading this year. Chinese regulators had imposed like crypto restrictions earlier, banning crypto exchanges from providing services in China back in 2022. Shortly after Cathay enforced the crypto substitution ban, Bitcoin reached $20,000 for the first time in December 2022.