Regulators in China are tightening their grip on industries at a dizzying pace — ratcheting up pressure that’s spared few sectors.
Driving the news: The country’s most powerful regulators banded together for the first time to outlaw all cryptocurrency activity on Friday, Reuters reports — intensifying its years-long war.
Get market news worthy of your time with Axios Markets. Subscribe for free.
One reason for the move: To stamp out competition to its own digital currency before a potential rollout next year, Nikkei Asia reports.
It’s not just crypto: Among others in China’s regulatory crosshairs recently…
-
Education: In July, officials banned companies that teach school subjects from making profits, going public or raising money.
-
Gaming: Earlier this month, new rules vastly curbed the amount of time minors can game.
-
Casinos: Last week kicked off an unexpected review of industry supervision in Macao, the world’s biggest gambling hub.
The bottom line: “No one really knows how far Beijing is willing to go to put the state back in the center of China’s economic future,” says Jordan Schneider, a senior analyst at Rhodium Group.
Like this article? Get more from Axios and subscribe to Axios Markets for free.
This news is republished from another source. You can check the original article here
Be the first to comment