By the orders of the People’s Bank of China (PBOC), a software developing house/company has been shut down forcefully on the pretext that it was assumed by PBOC that the software house was allegedly involved in a crypto activity. On the basis of suspicion worst action has been taken which shows how authorities are acting China against crypto derivatives and dealings. Meanwhile, PBOC has issued a general public warning informing all concerned to refrain from engaging in any crypto-related activity irrespective of whether it is a business, adverts, selling or leasing of premises for crypto, etc.
If one were to determine what is the abuse of power and usage of power beyond jurisdiction, then it can be seen in China. The misuse and abuse of the powers are coming directly from the People’s Bank of China (PBOC).
PBOC is an authority as well as the official central bank of China governing the entire Chinese financial institutional sector. However, this very PBOC has been given unbridled power and also exercising such powers, which are not available to it.
It is now a well-known fact that China is cracking down on private crypto activities throughout the country. In this crackdown operation, the crucial and most prominent role has been played by PBOC. The bank is continuously amending existing policies as well as issuing fresh policies as guidelines regarding crypto-related activities. Chinese Authorities have been successfully busy conducting operations against crypto derivatives and crypto miners. All this has been done for the purposes of providing a competitor-less playing ground for China’s CBDC prior to its launch.
PBOC has in fact been actively used by the Chinese Government to victimize crypto businesses.
Now PBOC has been used further to shut down another business but this time the business was not related to crypto. In fact, the company shut down by PBOC’s orders is a software house that is involved in the business of software development. The orders of closure of business were handed over to Beijing Qudao Cultural Development on the allegation that it was involved in the crypto activity.
An allegation against the software house has been raised by PBOC that it was facilitating digital assets’ businesses. In addition, the authority said in the notice that the software company was developing software for crypto companies.
After shutting down the software company, the bank went on to issue a notice for the general public. Through the notice, a nationwide warning has been issued to organizations to refrain from engaging in any crypto business. For this purpose, it has been clarified by PBOC that no business or individual is allowed to sell or lease premises for any crypto business. Not even adverts of crypto will be obtained by any advertising agencies.
In fact, any kind of crypto-related activity has been permanently banned by PBOC.
