China plans to continue heavy regulatory pressure on the cryptocurrency market after escalating crackdown on the sector earlier this year, Bloomberg reports.
The country's central bank, the People's Bank of China, will put more monitoring pressure on financial platform companies to make sure they are complying with requirements. However, it remains unclear if China plans to somehow expand its crackdown against cryptocurrencies.
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China tightened regulation of the cryptocurrency market after Chinese Vice Premier, Liu He, said that authorities should impose more regulation on the mining market in order to protect the financial system. Shortly after the statement, bitcoin dropped below the $30,000 mark, leaving the entire market in doubt as to whether the May surge was its largest for this year.
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