Sunday, August 1, 2021
Home Crypto News Market China Crypto Crackdown Expands As China Central Bank Restrict Banks and Payment...

China Crypto Crackdown Expands As China Central Bank Restrict Banks and Payment Providers to Deal with Crypto-Related Businesses Including Exchanges

- Advertisement -

China central bank has ordered five banks and several payment firms, including Alipay, not to deal with any crypto-related companies, including exchanges.


According to Bloomberg journalist Walter and Chinese crypto journalist Colin Wu, the People’s Bank of China has been in talks with several of the country major banks and payment firms to stop providing services to digital currency businesses.

 

An article published by the Central Bank of China (PBOC) says that the China State Bank has spoken to five major banks in the country, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Postal Savings Bank of China, and Alipay on the hype that has been building around cryptocurrencies this year.

Read: Why Crypto Market Lost $120B In A Day And $270 Billion In 1 Week

The talk summary is that PBOC thinks that trading in cryptocurrencies violates the financial and economic order of the country, increases the risks of illegal transfers of funds, money laundering and other illegal activities.

Top officials from the central bank also added that cryptocurrencies endanger the safety of people in China. From now on, banks must strictly follow KYC procedures and are prohibited from opening accounts for crypto trading firms. They must also abandon operations with all the crypto-related business.

 

This PBOC requirement applies to all banks in China.
The aforementioned banks and companies have agreed not only to follow the instructions received, but also to intensify investigations of crypto trading companies and to suppress activities that help increase hype around virtual currencies in general and crypto trading in particular.

- Advertisement -
Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Cardano Founder, Charles Hoskinson “Users Can Run Smart Contracts The Moment Hard Fork Comes On.”

Cardano (ADA) founder Charles Hoskinson in his latest live stream update on YouTube confirmed that “we are on schedule things are moving along, chugging...

Microstrategy CEO, Michael Saylor Defends $2.2 Billion Debt-Financed Bitcoin Buys

In a recent interview with CNBC MicroStrategy CEO, Michael Saylor defends $2.2 billion debt-financed bitcoin buys. window.coinzilla_display...

Cardano Price Prediction: Cardano Awaits A Range Breakout For 40% Upswing

Cardano anticipates a breakout from a range of two key moving averages (50 SMA and 100SMA) in the 12-hour chart. Bullish RSI is giving...

Binance Stops Crypto Futures Trading Services Across European Countries

Binance Exchange will stop offering Futures and Derivatives trading products for all European users. window.coinzilla_display = window.coinzilla_display...

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly