Connect with us

Plato Vertical Search


People’s Bank of China With a Broader Crackdown on Bitcoin and Crypto

China’s central bank has prohibited numerous banking and payment organizations from operating with cryptocurrencies.

People’s Bank of China With a Broader Crackdown on Bitcoin and Crypto

The Chinese crackdown on crypto continues to escalate with a new statement from the nation’s central bank banning more banks and payment providers from interacting with digital assets.

  • CryptoPotato reported today that one of the country’s largest banks, the Agricultural Bank of China, had prohibited its clients from doing business with anyone even remotely connected to the crypto space.
  • Although that had an immediate adverse effect on the market, with prices starting to tumble, the country has only intensified its anti-crypto measures.
  • A new statement from the People’s Bank of China reads that it has taken further actions to prevent market manipulations, illicit virtual currency transactions, and to “protect the citizens’ property.”
  • More specifically, the country’s central bank has spoken to other giant banking organizations, like the China Construction Bank, the Industrial Bank, and Postal Savings Bank, and the payment processor Alipay.
  • Following the meeting, the PBoC has instructed those entities to stop providing cryptocurrency services, like opening accounts or executing transactions, to their respective customers.
  • “The relevant departments of the PBoC pointed out that virtual currency trading activities disrupt the normal economic and financial order, breed the risks of illegal cross-border transfers of assets, money laundering, and other illegal and criminal activities, and seriously infringe the people’s property safety.” – reads the statement.

  • With these actions, the central bank has only doubled down on its stance against the cryptocurrency industry.
  • The world’s most populated nation has repeatedly outlined its ban and even targetted Bitcoin miners located within its borders, ordering them to cease operations.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:

Coinsmart. Beste Bitcoin-Börse in Europa

Related Streams


Steamforged Games have released new details about their recently announced and highly anticipated next project: the Dark Souls tabletop RPG. Read this article on...


Path of Exile: Siege of the Atlas has been revealed as the next Path of Exile expansion, and it's bringing some big overhauls to the game in February...


A new The Ascent update has arrived, and that's not all -- the developers have released the free Chongqing Pack DLC for all players. Read this...


Xbox and Certain Affinity are reportedly working on a new co-op game similar in the style of Monster Hunter according to multiple sources. Read this article...