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China Intensifies Bitcoin Ban – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

China Intensifies Bitcoin Ban – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides



The People’s Bank of China (PBOC) has called prominent financial institutions in China to a meeting to reinforce an evolving country-wide ban on bitcoin services, Bloomberg reported. The institutions were summoned to help the central bank prevent Chinese citizens from trading bitcoin through exchanges and over-the-counter platforms.

“Banks and payment institutions must strictly implement … regulatory requirements, earnestly fulfill their customer identification obligations, and must not provide account opening, registration, and registration for [virtual currency-related] activities,” a translated version of the PBOC statement read. “Institutions must comprehensively investigate and identify virtual currency exchanges and over-the-counter dealers’ capital accounts, and cut off the payment link for transaction funds in a timely manner … and effectively improve monitoring and identification capabilities.”



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