More FUD.
https://forkast.news/china-crypto-ban-bank/
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The People’s Bank of China has told the country’s big banks and other finance sector heavyweights to cut off financing sources for cryptocurrency transactions, it announced this afternoon.
Fast facts:
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https://forkast.news/china-crypto-ban-bank/
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The People’s Bank of China has told the country’s big banks and other finance sector heavyweights to cut off financing sources for cryptocurrency transactions, it announced this afternoon.
Fast facts:
- The PBoC issued its instruction at a meeting attended by representatives of Industrial & Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Postal Savings Bank of China, Industrial Bank, digital payment giant Alipay and other banking and payment institutions.
- In an announcement, the PBoC accused cryptocurrencies of disrupting the normal order of financial activity and providing a breeding ground for illegal cross-border transactions. It urged financial︀ institutions to prohibit “crypto-related activities” from accessing their services and told them to “thoroughly inspect︁ and monitor” existing clients’ transactions for potential involvement in crypto.
- Three hours before the PBoC’s︂ announcement, Agricultural Bank of China, the country’s third-largest lender by assets, issued a similar statement︃ before withdrawing it less than two hours later.
- In its statement, Agricultural Bank of China︄ said that once a crypto-related transaction was discovered, it would immediately shut down the accounts︅ involved, terminate its relationships with the customers involved, and report the involved parties to “relevant︆ departments.”
- Shortly after the PBoC’s announcement, China Construction Bank, Postal Savings Bank of China︇, Industrial & Commercial Bank of China and Alipay each published announcements reiterating and pledging︈ support for the central bank’s latest order.
- The PBoC’s move is the latest in a︉ series of broadsides against China’s crypto industry, which initially enjoyed explosive growth but which has︊ come under regulatory attack by various authorities and industry bodies for the past eight years.︋ All sides of the industry have increasingly drawn fire in recent months, from banks being︌ told to distance themselves from crypto to miners of cryptocurrencies being ordered to shut down︍ in Sichuan Province and other parts of the country.
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