China’s central bank has announced that there will be another crackdown on all type of cryptocurrencies this year, our sister site TechNode Chinese is reporting.

The deputy governor of the central bank Fan Yifei said in his speech at the 2018 national teleconference on currency and bullion that China will step up its system reform and innovation, and will push forward the research and development of its own digital currency. Fan also said that there will be crackdown targeting cryptocurrency scams.

China’s clampdown on the crypto industry is nothing new. Earlier this year, the government made a series of moves against cryptocurrency trading including banning both domestic and international trading platforms, and freezing multiple Bitcoin OTC accounts across the country, and lowering incentives for bitcoin mining. Hordes of Chinese miners have flocked to other more crypto-friendly markets like Canada due to the increasingly stringent crypto regulations. A number of cryptocurrency exchanges and wallet services have also left the country to set up OTC shops in markets like Hong Kong and Singapore.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.