The People’s Bank of China (Central Bank of China) has called on all banks and payment institutions to stop offering cryptocurrency services.
This means that Chinese banks and payment providers cannot facilitate opening accounts, crypto transactions, or accept crypto settlements moving forward.
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An official statement from the central bank reads:
“Institutions must comprehensively investigate and identify virtual currency exchanges and over-the-counter dealers’ capital accounts, and cut off transaction funds payment links in a timely manner; they must analyze the capital transaction characteristics of virtual currency trading hype activities […] and ensure that relevant monitoring and handling measures are implemented.”
– The People’s Bank of China (PBoC)
Some of the banks and services that have been directly interviewed and requested any crypto activities include:
- The Agricultural Bank of China
- The China Construction Bank
- The Postal Savings Bank of China
- The Industrial Bank
- AliPay
The announcement comes amidst the ongoing crackdown on bitcoin mining in China.
Following these developments, the crypto markets have been badly hit which has seen:
- Bitcoin drop 15% in 7 dadys
- Ethereum drop nearly 20% in 7 days
Regional financial regulators in China have also received warnings against crypto and blockchain-focused financial platforms or advertising campaigns banning all financial and payment institutions from directly or indirectly offering virtual currency services.
At the same time, in the last few months, social media networks and internet companies have censored crypto-related search results and even banned crypto-related profiles to further comply with the directive.
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RECOMMENDED READING: The Central Bank of Nigeria Warns Financial Institutions Against Facilitating Crypto Payments with Crypto Exchanges
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