China is in the early years of a battle to regulate tech it doesn’t like, and one area of especial focus has become crypto. This is because China was at one point ground zero for crypto-mining operations in particular and the industry boomed there before the regulators began to get a grasp on it: but once the CCP began taking notice of crypto, it didn’t like what it saw one bit.

One year ago China made cryptocurrency transactions illegal and now the People’s Bank of China has issued an update via the country’s popular WeChat platform (thanks, The Register (opens in new tab)). It’s naturally full of praise for our good friend Xi Jinping’s leadership, and covers several areas of finance as well as crypto, with what seems to be pretty disparaging language: at one point referring to crypto markets as “pseudo-gold exchanges” which is pretty funny.

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