The Central Bank of China has reportedly shut down a Beijing-based software company on suspicion of involvement in cryptocurrency trading activities. The firm reportedly focuses on the entertainment industry and has a token called Mao Li Coin.
The Central Bank of China has stopped the cryptocurrency-focused company’s activitydollar
Beijing Qudao Cultural Development Co Ltd was ordered to cease all operations and their website was also suspended. This decision was made by the Beijing financial supervisory administration of the Bank of China. Statements from the central bank cautioned institutions against offering any form of infrastructure or office space assistance to cryptocurrency businesses. The Central Bank made the following statements in its statement:
We have stopped the operating series of a Beijing company that provides software services for cryptocurrency transactions, no institution can provide services for virtual currency transactions.
Crypto crisis intensifies in China
Cryptocoin. com, China’s restrictions on cryptocurrencies have not fallen off the agenda of the crypto space for the past two months. The world’s most populous country is notorious for issuing warnings about cryptocurrencies and banning crypto-asset businesses from time to time. This year, the country’s ban focused primarily on the mining activity of Bitcoin miners. While China is home to more than 60 percent of BTC miners worldwide, miners are now sweating the country. As a result, the mining hash rate of the BTC network dropped by 50 percent. This led to the observation of the largest mining adjustment in history.
When restrictions on cryptocurrencies began to emerge in May, many exchanges serving Chinese traders were forced to discontinue their offerings, especially those that offer leverage trading. However, these restrictions intensified over time and expanded to ban mining as well. Many market analysts believe that the reason behind the recent ban may be the imminent launch of the Digital Yuan, a digital version of the Chinese yuan.
The latest situation in bitcoin price
Beijing Qudao Cultural Development Co Ltd. The news that ‘s servicedollar series was terminated caused a sudden decrease in the price of Bitcoin, which is in the first place according to the market value. BTC, which went down from $ 35,009 to $ 33,880 in minutes, is trading at $ 34, 205 at the time of writing and seems to have started to get rid of the effects of this news.
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