Despite a comprehensive ban on cryptocurrency activities in 2021, underground operations in China are reportedly flourishing. The analytical report published in the material substantiates the following: authorities are now intensifying their efforts to combat these illicit activities as they seek to reinforce their grip on the financial system.
Underground Bitcoin Mining and Trading in China
Chinese officials have revealed that informal Bitcoin mining and peer-to-peer trading continue to operate under the radar, often employing various tactics to evade detection. This ongoing activity highlights the challenges faced by regulators in enforcing the ban effectively.
Government's Response to Underground Operations
In response to the persistence of these underground operations, the government has announced plans to ramp up enforcement campaigns. This includes:
- stricter monitoring of capital flows
- improved intelligence sharing among different regulatory agencies
The aim is to close any remaining loopholes and eliminate all forms of crypto involvement within the country, underscoring China's commitment to maintaining stringent control over its financial landscape.
Recent developments regarding coordinated pressure on key cryptocurrency figures have raised concerns, contrasting with China's intensified crackdown on underground operations. For more details, see Operation Chokepoint 30.
