{"id":5311,"date":"2025-01-03T03:08:53","date_gmt":"2025-01-03T03:08:53","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=5311"},"modified":"2025-01-03T03:08:53","modified_gmt":"2025-01-03T03:08:53","slug":"banks-will-closely-monitor-crypto-transactions-as-china-imposes-new-forex-rules","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=5311","title":{"rendered":"Banks Will \u201cClosely Monitor\u201d Crypto Transactions As China Imposes New Forex Rules"},"content":{"rendered":"
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Intensifying its grip on crypto activities yet again, China introduced new foreign exchange rules that impose stricter scrutiny on crypto transactions.\u00a0<\/span><\/p>\n

According to a report from the <\/span>South China Morning Post on 31 Decmeber 2024, <\/span><\/a>banks are expected to monitor and report \u201crisky foreign exchange trading behaviours.\u201d This includes underground banks, cross-border gambling and illegal cross-border financial activities involving cryptocurrencies.\u00a0<\/span><\/p>\n

The announcement was made by the State Administration of Foreign Exchange.<\/span><\/p>\n

New Rules Could Be Another Legal Basis For Punishing Crypto Trading<\/h2>\n

Banks have been mandated to track transactions based on the identity of individuals and institutions involved, the source of funds, and trading frequency. Moreover, they must implement risk-control measures to restrict services for entities flagged as engaging in such activities.<\/span><\/p>\n

\u201cThe new rules will provide another legal basis for punishing cryptocurrency trading,\u201d Liu Zhengyao, a lawyer at ZhiHeng law firm in Shanghai, wrote in a WeChat post last week.\u00a0<\/span><\/p>\n

Liu noted that these measures signal a deepening of China\u2019s already stringent regulatory stance toward cryptocurrencies, making it increasingly difficult for individuals and businesses to circumvent the country\u2019s foreign exchange laws through digital assets.<\/span><\/p>\n

China And Crypto: <\/b>A History Of Crackdowns<\/b><\/h2>\n

China\u2019s relationship with cryptocurrency has been marked by a series of escalating restrictions over the years.<\/span><\/p>\n

In 2017, China banned initial coin offerings (ICOs) and ordered the closure of all domestic cryptocurrency exchanges. This forced major players like Binance, Huobi, and OKX to relocate their operations abroad.<\/span><\/p>\n

The government extended its crackdown to Bitcoin mining in 2021. The authorities cited environmental concerns and financial risks. Furthermore, mining hubs in regions like Sichuan and Xinjiang were shut down, causing a significant drop in global Bitcoin hashrate at the time.<\/span><\/p>\n

Financial institutions were barred from offering crypto-related services, and overseas platforms serving Chinese residents were declared illegal.<\/span><\/p>\n

Explore: Shanghai Court Overturns China Bitcoin Ban: Will Chinese Energy Grid Cope?<\/a><\/strong><\/p>\n

Despite these measures, China remains a significant player in the crypto space. The government reportedly holds approximately 194,000 Bitcoins (worth around $18 billion), acquired through raids on illegal operations.<\/span><\/p>\n

In fact, ex-Binance CEO Changpeng Zhao said that China will be joining other countries in implementing a Bitcoin Reserve Policy.<\/p>\n

Owning Crypto Isn\u2019t Illegal Under Chinese Law\u00a0<\/strong><\/h2>\n
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China is on the verge of allowing crypto again!<\/p>\n

Many alts are set to give 100x+ if this happens.<\/p>\n

I scanned over 500 projects to find the ones that should grow the most from this.<\/p>\n

Here are 10 coins with the highest potential \"\ud83e\uddf5\"\"\ud83d\udc47\" pic.twitter.com\/cp3Xg9BGC8<\/a><\/p>\n

\u2014 \ud835\uddf0\ud835\ude06\ud835\uddf0\ud835\uddf9\ud835\uddfc\ud835\uddfd (@nobrainflip) June 6, 2024<\/a><\/p>\n<\/blockquote>\n