The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening.
If they are looking for illegal activity and fake volumes and market manipulation then it is a good initiative by the government rather than a bad one, right now the market is recovering as i speak and it was evident that they have no plans to boost the currency part of blockchain but they will be implementing blockchain for their personal gains and hence these are not that of a surprise that they will implement strict control over the market.