As you remember (or maybe not), China has long been an integral part of the crypto space. It is the home of Bitmain, a massive Bitcoin miner and ASIC manufacturer, and the nation housed many of the asset’s early adopters. However, over recent years, China’s governmental agencies have begun to crack down on this asset class, presumably due to the fact that analysis and research have indicated that locals are bypassing stringent capital controls with BTC.
This time, it seems that regulators are trying to stem the flow of domestic transactions related to cryptocurrency. In a policy update posted just recently, first spotted by Primitive Ventures’ Dovey Wan, merchants are disallowed from making or accepting transactions that relate to token issuance/crypto-related financing or Bitcoin trading activity, or else a ban will be instated.