{"id":8552,"date":"2021-06-21T12:56:08","date_gmt":"2021-06-21T12:56:08","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/pboc-instructs-chinas-banks-to-forbid-all-cryptocurrency-related-activities-immediately\/"},"modified":"2021-06-21T12:56:08","modified_gmt":"2021-06-21T12:56:08","slug":"pboc-instructs-chinas-banks-to-forbid-all-cryptocurrency-related-activities-immediately","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/pboc-instructs-chinas-banks-to-forbid-all-cryptocurrency-related-activities-immediately\/","title":{"rendered":"PBOC Instructs China\u2019s Banks to Forbid All Cryptocurrency Related Activities Immediately"},"content":{"rendered":"

China\u2019s central bank has sent notice to the country\u2019s financial institutions instructing them to stop dealing with cryptocurrency transactions. The disclosure notes that the People\u2019s Bank of China (PBOC) aims to protect Chinese citizens and \u201ccombat the speculation of Bitcoin and other virtual currency transactions.\u201d <\/strong><\/p>\n

PBOC Tells Banks to Stop Dealing With Crypto Exchanges and OTC Desks<\/h2>\n

On June 21, 2021, the People\u2019s Bank of China (PBOC) issued a notice<\/a> to a number of financial institutions concerning crypto transactions.
\nThe PBOC says it has discussed the issue of cryptocurrencies with financial services firms like the Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank, Industrial Bank, and the Alipay (China) Network.
\nThe PBOC stressed that \u201cvirtual currency trading activities disrupt the normal economic and financial order, breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, and seriously infringe the people\u2019s property safety.\u201d
\nChina\u2019s payment institutions and banks must implement strict guidelines on \u201cbitcoin risks,\u201d \u201ctoken issuance financing risks,\u201d and other regulatory requirements the PBOC notice details.
\nFinancial institutions \u201cmust not provide account opening, registration, and registration for related activities,\u201d the central bank added.
\nChina\u2019s Postal Savings Bank followed up with a statement<\/a> and explained that it will not allow cryptocurrency transactions in any manner.
\n\u201cAccording to relevant regulations of the People\u2019s Bank of China, no institution or individual may use our bank\u2019s accounts, products, services, and channels to conduct token issuance financing and \u2018virtual currency\u2019 transactions,\u201d China\u2019s Postal Savings Bank said.
\nThe Postal Savings Bank also said if Chinese citizens notice crypto activity or any virtual currency \u201crelated behavior, you can report it to our bank.\u201d
\nThe PBOC news follows the June 20 mandate from Sichuan officials that banned bitcoin mining in the region<\/a>. Since the banning in five major Chinese provinces, Bitcoin\u2019s hashrate has plummeted to 100 exahash per second<\/a> (EH\/s).<\/p>\n

<\/p>\n

Chinese journalist Colin \u2018Wu\u2019 Blockchain also tweeted<\/a> about the PBOC notice on Monday and said two other financial institutions released statements concerning the subject. \u201cThe Agricultural Bank of China once again released the deleted webpage, and Alipay also issued a related statement,\u201d the regional reporter said.
\nThe price of bitcoin (BTC)<\/a> tumbled to a low of $31,700 per unit on Monday after the PBOC announcement. Since then the crypto asset has managed to jump back above the $32K zone<\/a>.<\/p>\n

What do you think about the PBOC\u2019s latest announcement against crypto asset transactions and China\u2019s financial institutions? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, ban bitcoin, ban crypto, Bitcoin, Central Bank, China, chinese, crypto transactions, Cryptocurrencies, Digital Currencies, Exchanges, mining, OTC desks, PBOC, sichuan, Speculation<\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s central bank has sent notice to the country\u2019s financial institutions instructing them to stop dealing with cryptocurrency transactions. The disclosure notes that the People\u2019s Bank of China (PBOC) aims to protect Chinese citizens and \u201ccombat the speculation of Bitcoin and other virtual currency transactions.\u201d PBOC Tells Banks to Stop Dealing With Crypto Exchanges and…<\/p>\n","protected":false},"author":0,"featured_media":8553,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8552"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8552"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8553"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}