China’s Central Bank Cracks Down On All Cryptocurrency Services

  • China’s central bank, the People’s Bank of China (PBOC), has warned the country’s major banks and financial institutions to stop providing cryptocurrency services such as trading, clearing and settlement.
  • They will also be required to help the PBOC identify exchanges and OTC dealers’ capital accounts in order to break the payment links for transaction funds.
  • The PBOC has consulted with the Industrial and Commercial Bank of China, Postal Savings Bank, Agricultural Bank of China, Construction Bank, Industrial Banks and Alipay (China) Network Technology.

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