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China’s foreign exchange regulator has announced new rules that will require banks to report high-risk trades, including those involving digital currencies, to the authorities. The move is part of a broader effort to monitor and control cross-border activity, including underground banking, gambling, and crypto-related transactions.
According to the South China Morning Post, the new rules will come into effect on March 1 and will apply to all banks, including foreign banks operating in China. The rules define high-risk trades as those that involve large amounts of money, are conducted through unusual channels, or are suspected of being linked to illegal activities.
The move comes amid increasing scrutiny of cryptocurrencies by Chinese authorities. In 2021, the People’s Bank of China (PBOC) banned all cryptocurrency transactions and mining activities in the country. However, despite the ban, cryptocurrencies continue to be traded in China through underground channels and foreign exchanges.
The new rules will give the Chinese authorities greater visibility into these illicit crypto trades and will likely lead to increased enforcement actions against banks that are found to be facilitating them. This could, in turn, make it more difficult for Chinese residents to access cryptocurrencies and could further drive down the crypto market in the country.
As the Chinese government continues to crack down on cryptocurrencies, it is becoming increasingly clear that digital assets have no future in the country. This is bad news for Chinese crypto holders and enthusiasts, but it could also be a blessing in disguise for the rest of the world.
With China out of the picture, other countries will be free to develop their own crypto industries without having to worry about competition from the world’s second-largest economy. This could lead to a more vibrant and innovative global crypto market in the long run.
In the meantime, however, we can expect to see more pain for Chinese crypto holders as the government steps up its enforcement efforts.
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