China Steps Up Bitcoin Ban – Bitcoin Magazine: Bitcoin News, Articles, Charts & Guides

The People’s Bank of China (PBOC) has invited China’s prominent financial institutions to a meeting to reinforce a state-of-the-art ban on bitcoin services, Bloomberg mentioned. The institutions were called in to assist the central bank in preventing Chinese citizens from trading bitcoin through exchanges and over-the-counter trading platforms.

“Banks and payment institutions must strictly implement … regulatory requirements, earnestly fulfill customer identification obligations, and must not provide account opening, registration and registration for [virtual currency-related] Activities,” translated version of the PBOC statement Read. “Institutions should thoroughly investigate and identify virtual currency exchanges and over-the-counter merchant capital accounts, cut off the payment link for transaction funds in a timely manner… and effectively improve monitoring and identification capabilities.”

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