China wants banks to stop supporting cryptocurrencies

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.

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