China’s central bank says it has called for the shutdown of a company that “was suspected of providing software services for virtual currency transactions.”
In May, China banned financial institutions and payment companies from providing crypto-related services.
In June, there were mass arrests in China of people suspected of using cryptocurrencies in nefarious ways, and Weibo, the Twitter of China, suspended crypto-themed accounts.
Half of the world’s bitcoin miners have now gone dark following Beijing’s call for a severe crackdown on bitcoin mining and trading.
According to the Bitcoin Mining Council member Fred Thiel, the government is doing everything they can to ensure that bitcoin and other cryptocurrencies disappear from the Chinese financial systems and economy.
In 2013, the country ordered third-party payment providers to stop using bitcoin and its own crypto-users to stop selling it.