PBoC tightens ban on crypto transactions

pboc building
The People's Bank of China

China’s central bank has told state-owned banks and payment companies to discontinue services to any cryptocurrency-related transactions.

Virtual currency trading speculation activities have disrupted the normal economic and financial order in China, the People’s Bank of China said on June 21. Cryptocurrency transactions could increase illegal cross-border transfer and money laundering, and seriously damage Chinese property-holders’ security, it said.

Banks and payment firms should verify the

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