China experiencing ‘mixed effects’ with Crypto crackdown

Chinese officials have taken steps to crack down on cryptocurrencies, with mixed effects.

A Chinese phone regulator says it would “gradually retire existing mainland China user accounts”.

It follows a crackdown from authorities who say crypto transactions in China are banned and they will root out mining of digital assets.

A PWC crypto leader says “there is no ambiguity” in this latest ban.

The official notice comes from the People’s Bank of China along with nine other institutions.

Enforcement is set to be widespread, with security watchdogs, the supreme court and police all backing the ban.