{"id":563203,"date":"2021-06-22T03:50:32","date_gmt":"2021-06-22T03:50:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/22\/china-escalates-crypto-crackdown\/"},"modified":"2021-06-22T03:50:32","modified_gmt":"2021-06-22T03:50:32","slug":"china-escalates-crypto-crackdown","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/22\/china-escalates-crypto-crackdown\/","title":{"rendered":"China escalates crypto crackdown"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>China is further escalating its clampdown on crypto<\/strong>, ordering all of the country\u2019s major financial bodies to cut off all transactions linked to BTC and other digital currencies, according to <a href=\"https:\/\/mp.weixin.qq.com\/s\/RYyyxezUMkhWGgZF72-5lQ\">a statement<\/a> by the People's Bank of China yesterday. The Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Postal Savings Bank of China and Alibaba\u2019s online payment service Alipay are among the companies ordered to cut payment channels of clients involved in crypto trading, which China sees to have \u201cdisrupted the normal order of the economy and financial [system].\u201d<\/p>\n<p><strong>The news sent Bitcoin prices sliding by 10% to as low as <\/strong><strong><a href=\"https:\/\/www.coindesk.com\/price\/bitcoin\">USD 31.6k<\/a><\/strong> this morning, putting the currency on course for <a href=\"https:\/\/www.reuters.com\/article\/us-china-cryptocurrency-pboc\/chinas-central-bank-urges-financial-institutions-to-crack-down-on-cryptocurrencies-idUSKCN2DX0VE\">its biggest daily drop<\/a> since the crash last month. China has been ramping up its regulation of cryptocurrencies, <a href=\"https:\/\/www.cnbc.com\/2021\/05\/18\/china-bans-financial-payment-institutions-from-cryptocurrency-business.html\">recently banning<\/a> financial institutions and payment companies from the crypto business and shuttering bitcoin mines.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Big banks could soon be throwing money at shareholders: <\/strong>The results of an annual stress test conducted by the US Fed are due out on Thursday, and if all goes well, 23 large banks including JPMorgan, Morgan Stanley, and Goldman Sachs are expected to release a flood of liquidity into stock dividends and buybacks, reports <a href=\"https:\/\/www.ft.com\/content\/c4f446b1-a71d-4656-a81f-f2bcaf97c9ba\">the Financial Times<\/a>. The Comprehensive Capital Analysis and Review, which the Fed runs to keep the banking system safe from so-called \u201cdoomsday scenarios,\u201d will determine how much of a buffer banks need to hold above regulatory requirements.<\/p>\n<p><strong>Why should you care? <\/strong>The Fed began at the start of the year easing restrictions imposed last year at the start of the pandemic that had capped shareholder payouts and banned buybacks, in measures that were mirrored among regulators around the world, <strong>including <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bc7fcdc-fd3b-4256-9cbb-8551958adfa0\">our very own Central Bank of Egypt<\/a><\/strong>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>GLOBAL IPO WATCH- India-based self-drive car rental company <\/strong><strong><a href=\"https:\/\/www.zoomcar.com\/\">Zoomcar<\/a><\/strong><strong> is<\/strong> <strong>considering a US listing sometime in the next 12 months, <\/strong>CEO and co-founder Greg Moran told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-21\/sequoia-backed-zoomcar-eyes-u-s-listing-as-travel-reawakens?sref=mmeFTDW1\">Bloomberg<\/a>. The company, which was backed by a number of early-stage investors including star VC fund Sequoia Capital after it was set up in 2013, is looking to expand to the Middle East this quarter and<strong> is eyeing Egypt and Saudi Arabia as potential markets due to their low levels of vehicle ownership<\/strong>, but large upwardly mobile populations.<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,062<\/p>\n<\/td>\n<td>\n<p>+2.7% (YTD: -7.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.61<\/p>\n<\/td>\n<td>\n<p>Sell 15.71<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.61<\/p>\n<\/td>\n<td>\n<p>Sell 15.71<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,859<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +25.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>6,615<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +31.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,847<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +14.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,224<\/p>\n<\/td>\n<td>\n<p>+1.4% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,062<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +9.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 74.89<\/p>\n<\/td>\n<td>\n<p>-%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.20<\/p>\n<\/td>\n<td>\n<p>+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,784.10<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 31,383<\/p>\n<\/td>\n<td>\n<p>-11.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 2.7% at today\u2019s close<\/strong> on turnover of EGP 1.78 bn (29% above the 90-day average). Regional investors were net buyers. The index is down 7.2% YTD.<\/p>\n<p><strong>In the green: <\/strong>Ezz Steel (+5.8%), ElSewedy Electric (+5.6%) and GB Auto (+4.6%).<\/p>\n<p><strong>In the red: <\/strong>Orascom Investment Holding (-1.6%), Credit Agricole (-1.5%) and Export Development Bank Egypt (-1.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China is further escalating its clampdown on crypto, ordering all of the country\u2019s major financial bodies to cut off all transactions linked to BTC and other digital currencies, according to a statement by the People's Bank of China yesterday. The Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Postal Savings [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[4098,344,72,119,527,122,343,123,639,4097,580],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563203","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-alipay","tag-cryptocurrency","tag-enterpriseam","tag-financial-markets","tag-pandemic","tag-planet-finance","tag-regulation","tag-startups","tag-technology","tag-us-banking-system","tag-zoomcar","wpautop","entry"],"acf":{"mongo_id":"3bedc2cd-01c6-4e26-91e8-768ed235750e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[563186],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>China escalates crypto crackdown - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/22\/china-escalates-crypto-crackdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China escalates crypto crackdown\" \/>\n<meta property=\"og:description\" content=\"China is further escalating its clampdown on crypto, ordering all of the country\u2019s major financial bodies to cut off all transactions linked to BTC and other digital currencies, according to a statement by the People&#039;s Bank of China yesterday. 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China, which produces 56% of the world\u2019s steel, plans to cut 236 mn tonnes of steel capacity in its\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561448,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/what-the-markets-are-doing-on-7-april-2021\/","url_meta":{"origin":563203,"position":1},"title":"What the markets are doing on 7 April 2021","author":"enterpriseam admin","date":"7 April 2021","format":false,"excerpt":"The Central Bank of China will soon begin issuing a crypto-like digital Yuan designed to be independent of the global financial system, the WSJ reports. The decision to start phasing in a digital currency in mostly cashless China comes amid a global rush to issue central bank backed digital currencies.\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554136,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/21\/china-makes-the-tiniest-rate-cut-to-spur-economic-growth\/","url_meta":{"origin":563203,"position":2},"title":"China makes the tiniest rate cut to spur economic growth","author":"enterpriseam admin","date":"21 December 2021","format":false,"excerpt":"China cuts lending rate as economy struggles: China\u2019s central bank has cut one of its most important lending rates in a sign that the country is entering an easing cycle, the Financial Times reports. The marginal 5 bps cut to the one-year loan prime rate, which is used as a\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562618,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/31\/what-the-markets-are-doing-on-31-may-2021\/","url_meta":{"origin":563203,"position":3},"title":"What the markets are doing on 31 May 2021","author":"enterpriseam admin","date":"31 May 2021","format":false,"excerpt":"US regulators are continuing to make vague statements about maybe doing something to temper the madness in the crypto markets: US regulators may be about to put a leash on your doges, according to this front page story in the Financial Times, which may be overreaching slightly with its headline.\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555920,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/03\/forget-about-crypto-central-banks-are-worried-about-their-own-digital-currencies\/","url_meta":{"origin":563203,"position":4},"title":"Forget about crypto \u2014 central banks are worried about their own digital currencies","author":"enterpriseam admin","date":"3 October 2021","format":false,"excerpt":"Central banks are still worrying about the effects of central bank digital currencies (CBDCs) on the global financial system: Adoption of national digital currencies could exacerbate financial crises in the future by intensifying runs on commercial banks, according to a report (pdf) by the Bank of International Settlements picked up\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":589192,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/bahrains-investcorp-eyes-usd-600-mn-ipo-of-investment-vehicle-on-adx\/","url_meta":{"origin":563203,"position":5},"title":"Bahrain\u2019s Investcorp eyes USD 600 mn IPO of investment vehicle on ADX","author":"enterpriseam admin","date":"22 June 2023","format":false,"excerpt":"Investcorp Capital holds assets in credit, real estate, and PE","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1166.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=563203"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563203\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563186"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563203"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563203"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}