Pan Gongsheng, a vice governor of the Chinese central bank, said in a recent meeting that China will continue to apply pressure on domestic crypto-trades for the sake of financial stability, according to Reuters, citing an internal memo. He was quoted as saying: “Pseudo-financial innovations that have no relationship with the real economy should not be supported.”
Pan, who also heads China’s internet-finance regulator, has vowed to end bitcoin mining in the country. Earlier this month, the body issued a notice asking local governments to “guide” bitcoin-mining operations to make an “orderly exit” from the business. In response, ViaBTC, one of the world’s largest bitcoin mining pools, has raised its management fee from 6% to 50%, citing China’s “scarce” mining resources due to policy reasons.