The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country. The People’s Bank of China (PBoC) officially announced on Friday a set of new measures to fight against crypto adoption in China, including promoting stronger inter-departmental coordination in cracking down crypto activity. 10 Chinese state authorities, including the PBoC, the Cyberspace Administration of China and the Ministry of Public Security, have established a “coordination mechanism” to prevent financial players from participating in any cryptocurrency transactions. According to the announcement, the involved authorities and institutions have completed significant improvements to crypto monitoring platforms to identify illegal cryptocurrency transactions efficiently.