China’s central bank ordered a beijing-based software firm to shut down due to suspicions of involvement in cryptocurrency transactions, and enterprises have been warned against supporting cryptocurrency-related businesses. financial and payment institutions are prohibited from providing operational venues or commercial advertising to cryptocurrencies after the people’s bank of china (pboc) issued an order, according to the pboc.

following the closure of the software company beijing qudao cultural development, the people’s bank of china (pboc) issued a statement prohibiting financial and payment institutions from providing operational venues or commercial promotions to cryptocurrencies. “to avoid and limit the risk of speculation in virtual currency transactions, and to guarantee the safety of virtual currency transactions,” the step was necessary.

the pboc urged businesses not to provide “business premises, commercial display, promotion… for virtual currency-related business activities” in the statement. the move comes as china continues to tighten down on cryptocurrencies, with officials closing cryptocurrency mines in numerous districts that supply more than half of the world’s digital tokens.

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