Chinese banks will block accounts associated with cryptocurrency transactions


China’s central bank ordered the country’s leading financial institutions to stop servicing accounts related to speculative cryptocurrency operations.

The regulator communicated with the representatives of the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Construction Bank of China, the Postal Savings Bank of China, the Industrial Bank and the National Mobile Payments System Alipay. During the meeting, the NBK stated that organizations should identify accounts related to Cryptovaya Outdoor Trade Trade and stop providing any services for them.

The People’s Bank of China believes that speculative activities with digital assets violates the balance in the national financial system, and also contributes to money laundering and the illegal movement of capital across the border. In addition, the Central Bank instructed financial institutions to improve the efficiency of its operational monitoring algorithms in order to better determine transactions related to cryptocurrency.

Financial institutions agreed to take all necessary measures to preserve economic stability in the country and immediately announced to customers, which will further close violators accounts and transfer data about them to the relevant authorities.

NBK back in 2017 banned banks to serve cryptobiri and since then large Chinese trading platforms ceased to work with fiatat. For converting digital assets, investors and traders appealed to over-the-counter dealers. It is on such operations and sent the latest measures of the Central Bank.

In addition to the ban of cryptoturning, the Chinese authorities also began a campaign to combat mining.

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