China wants banks to stop supporting cryptocurrencies

Warning: Invalid argument supplied for foreach() in /var/www/ on line 74

China’s central bank summoned several major banks and payments companies to call on them to take tougher action over the trading of cryptocurrencies.

Banks were told to not provide products or services such as trading, clearing and settlement for cryptocurrency transactions.

China’s third-largest lender by assets, the Agricultural Bank of China, said it was following the PBOC’s guidance and would conduct due diligence on clients to root out illegal activities involving cryptocurrency mining and transactions.

The price of Bitcoin slumped by more than 10% on Monday but stabilized in Asian trading on Tuesday. That follows an order on Friday to shut down Bitcoin China’s biggest-ever Bitcoin mining operation in the province of Chenguan.

In China, the value of the cryptocurrency has dropped by about 50% since hitting a record high above $63,000 in April.

BBC News

Bitcoin tumbles below $30,000 on China crypto-crackdown

The cryptocurrency slides to its lowest value for five months after China tells banks to stop supporting transactions.

Read More

BBC News

World Bank rejects El Salvador request for Bitcoin help

This month the country announced plans to become the first nation to make the cryptocurrency legal tender.

Read More

China Says Banks Must Block Crypto Transactions; Market Falls – CoinDesk

China’s central bank says institutions must not provide trading, clearing and settlement for crypto transactions.

Read More

No title

Read More