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PBOC ask banks to eliminate payment channels for crypto trading
The People’s Bank of China (PBOC) has asked banks and other payment companies in the country to dissociate from cryptocurrency operations. This latest regulation implies that financial institutions would eliminate payment channels for cryptocurrency traders and investors.In a tweet by Walter Bloomberg earlier today, the PBOC summoned the major banks and payment companies in China to discuss the issue of cryptocurrencies. From the meeting, China’s central bank told the institutions to promptly cut payment channels for cryptocurrency trading.
Chinese banks have reportedly begun following the guidelines set by the central bank. According to a Reuters report earlier today, the Agriculture Bank of China (AgBank), China’s third-largest lender by assets, revealed that it would be following the instructions issued by the PBOC and banning cryptocurrency transactions.
AgBank said it would conduct due diligence to eliminate illegal activities involving Bitcoin mining and transactions. Hence, the bank warned that clients found to be involved in crypto trading would have their accounts immediately closed, and business relationships would be cut.
China’s crypto ban extends to trading and mining
China has always been tough on cryptocurrency-related activities. However, it is home to 65% of Bitcoin’s mining facilities. The recent clampdown on cryptocurrency mining activities has affected the general market, with the Bitcoin network’s hashrate down by 17% over the past 48 hours.The Chinese authorities have turned their attention to cryptocurrency mining and trading activities. With the latest regulations, it becomes tougher for crypto miners to mine Bitcoin and other cryptocurrencies. It also becomes tough for retail and institutional investors in China to get involved in cryptocurrency trading activities.
The crackdown extended to social media after Weibo suspended accounts belonging to some crypto influencers earlier this month. Search engine giant Baidu is blocking searches related to crypto exchanges like Binance, Huobi and OKEx.
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