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China Says Banks Must Block Crypto Transactions; Market Falls
The People’s Bank of China (PBOC) on Monday told the country’s major financial institutions to stop facilitating virtual-currency transactions, increasing the negative sentiment in crypto markets. Banks must not provide products or services such as trading, clearing and settlement for crypto transactions, the PBOC said in a statement. They also have to make sure to identify virtual-currency exchanges' and over-the-counter dealers' capital accounts, and cut off the payment link for transaction funds in a timely manner, it said. Cryptocurrencies fell, with bitcoin trading near $32,000 and ether (ETH, -5%) dropping ... (full story)
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The People's Bank of China interviewed some banks and payment institutions on the issue of virtual currency transaction hype
In order to thoroughly implement the relevant decisions and deployments of the Party Central Committee and the State Council, implement the spirit of the 51st plenary meeting of the Financial Committee of the State Council, combat the speculation of Bitcoin and other virtual currency transactions, protect the people’s property safety, and maintain financial security and stability. The department interviewed some banks and payment institutions such as Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank, Industrial Bank and Alipay (China) Network Technology Co., ... (full story)
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