PBOC gets tougher on bitcoin

Local governments told to ask mining firms to 'orderly exit' business

The nation's top financial regulator has suggested that local governments encourage bitcoin miners to gradually reduce production of the cryptocurrency until finally quitting the business, a signal of an upgraded campaign to crack down on financial risks arising in the fast-developing fintech sector.

A senior official with the People's Bank of China, the nation's central bank, who declined to be named, told China Daily on Thursday that a notice had been sent recently to local governments, asking bitcoin mining companies to "orderly exit" the business.