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China s Crypto Crackdown Could Amplify Concerns Over Financial Privacy LONDON, June. 24, 2021 /PRNewswire/ On Monday, the People s Bank of China (PBOC) ordered four state-owned banks and the country s leading mobile payment app Alipay to cut off all transactions linked to Bitcoin and other cryptocurrencies. The statement urged banks and payment firms to thoroughly check client accounts, identify those involved in cryptocurrency transactions and promptly cut their payment channels. Beijing s hard line on crypto, paired with the rollout of the digital yuan, which allows the PBOC to keep near real-time transaction data of all individuals and entities using the digital currency, has long been a concern for many investors, entrepreneurs and businesspeople. The World Wealth Report noted China as the largest exporter of wealthy migrants, with around 16,000 Chinese millionaires leaving the country in 2019 alone. According to UK-based investment migration firm CS Global Partners, the tren

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