Chinese regulators are serious about crypto ban this time

A file photo of a visitor passing by a logo for the e-CNY, a digital version of the Chinese yuan, during a trade fair in Beijing. China’s central bank on Sept 24, 2021 declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. — AP

Chinese officials have taken steps for months to crack down on cryptocurrencies, with mixed effects. On Friday, they tried to erase any doubts about their intentions.

In statements that were the most extreme and unequivocal so far, authorities on Sept 24 said crypto transactions in China are banned and they will root out mining of digital assets. Almost immediately, the popular offshore exchange Huobi stopped allowing new users to register with a mainland China phone number and in a statement on Sept 26 said it would “gradually retire existing mainland China user accounts” by Dec 31.