The People’s Bank of China (PBC), the country’s central bank, said on Friday that the country’s general economic parameters would remain stable, while the bank would step up surveillance and restrictions on cryptocurrency transactions.
The central bank has seen an increase in the risk of cryptocurrency transactions, including Bitcoin and Dogecoin transactions since the beginning of 2021. Financial market regulators in Beijing have decided to ban the trading of any cryptocurrency in the areas under their jurisdiction.
The PBC has instructed all platform-based businesses to increase risk management measures in line with regulations prohibiting cryptocurrency-related trading and speculation.
The PBC is committed to ensuring the commercialization, legislation and internationalization of China’s financial market, protecting intellectual property and a fair business environment.
In general, maintaining the stability of financial markets will be the priority of the PBC. Flexible monetary policies will be implemented, which can ensure a balance between general money supply and social financing, and keep the nation’s macroeconomic leverage ratio to be basically stable.
In addition, the PBC will also work to reform the loan interest markets and make necessary adjustments to ensure lower loan interest to provide financial support to various sectors including agriculture, small and medium-sized enterprises in the country.