PBoC Shuts Down Beijing-based Software Firm For Facilitating Crypto Transactions

The Chinese government has shut down a Beijing-based software company suspected of providing its services for virtual currency transactions. According to an official statement issued by the People's Bank of China (PBoC), the company in question, Beijing Tongdao Cultural Development Co., Ltd., was allegedly facilitating crypto transactions despite the regulator's warnings against such activities. Beijing Tongdao Cultural Development was spotted by the Business Management Department of the People's Bank of China and the Huairou District Government, who had teamed up with other financial regulators to ensure that no institution promotes crypto trading in the country. The regulator noted that the…