China’s central bank urges tougher crackdown on cryptocurrencies

22 June, 2021 12:00 AM printer

SHANGHAI: China’s central bank said on Monday it had summoned some banks and payment institutions recently, urging them to crack down harder on cryptocurrency trading.

The People’s Bank of China’s meeting with institutions including Agricultural Bank of China (AgBank) and Alipay came after China’s State Council, or cabinet, last month vowed to crack down on bitcoin trading and mining, report agencies.

The PBOC urged institutions to launch thorough checks on clients’ accounts to identify those involved in cryptocurrency transactions, and promptly cut their payment channels.

“Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people’s wealth,” the PBOC said in a statement.

Other participants in the PBOC’s meeting included state-owned China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC) and Postal Savings Bank of China.


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