China is tightening its clampdown on cryptocurrencies, nearly a year after the government imposed a wide-ranging ban on local exchanges and fundraising for digital currencies. Beijing’s latest moves show how difficult it has been for the government to squash interest in digital currencies, despite its nationwide ban and the battering that cryptocurrencies have taken world-wide this year. Video: Sharon Shi and Crystal Tai“Some individuals in chat groups claim they have obtained investment quotas for premium overseas blockchain investment projects,” the China Banking Regulatory Commission said in a statement. He cited the central bank’s research into digital currencies, as well as local governments’ work with large companies on blockchain initiatives. “I’ve always held strong to the idea that China, in the long term, is not trying to ban crypto,” Mr. Chu said.

Source: Wall Street Journal August 24, 2018 09:45 UTC