Bitcoin Slips To $32K As China’s Central Bank Orders Banks To Block Cryptocurrency Transactions

Bitcoin Slips To $32K As China’s Central Bank Orders Banks To Block Cryptocurrency Transactions
фото показано с : zycrypto.com

2021-6-22 16:57

People’s Bank of China (PBoC), the country’s central bank, has today directed local banks and payment institutions to stop providing cryptocurrency-related services such as account opening, trading, clearing, and settlement.

The news has fueled a bearish sentiment in the crypto markets as bitcoin fell to $32,000.

BTCUSD Chart By TradingView PBoC Calls For Further Crackdown On Crypto

The Central bank of China reportedly had a meeting with five leading banks in the country — China Construction Bank, Postal Savings Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, and Industrial bank —  and Alipay and urged them to cut payment channels for cryptocurrency trading and other related services, a statement on Monday revealed.

The PBOC argued that cryptocurrencies are not only interfering with the country’s financial and economic system but also increasing the risk of money laundering, illegal cross-border money transfers and other nefarious activities.

Additionally, the banking institutions are required to identify capital accounts belonging to cryptocurrency exchanges and over-the-counter brokers and break off payment links for any transactions as soon as possible.

The aforementioned banks and financial institutions have agreed to follow the PBoC’s directive and work towards prohibiting crypto-related activities. They have already issued statements to their customers and they also plan to rigorously vet their customers to make sure they are not participating in any activities involving cryptocurrency. 

Beijing’s Staunch Anti-Cryptocurrency Stance

China first banned crypto trading and issuance of tokens during bitcoin’s first major bull market in 2017. With the bull rally earlier this year, we have also witnessed Beijing’s aggressive onslaught of anti-cryptocurrency legislation.

However, Chinese crypto blogger Colin Wu was quick to point out some clear differences in today’s diktat from PBoC.

This is different from 2014 in at least three points: first, it clearly shows the requirements of central bank; second, it requires an investigation of past behavior; and third, it reports to the government when it is found. Anyone who understands Chinese can see the difference. https://t.co/8EO4CBLXeK pic.twitter.com/Z8ZnfIlZXo

— Wu Blockchain (@WuBlockchain) June 21, 2021

PBoC’s announcement comes amidst China’s broader efforts to clamp down on the cryptocurrency industry. Just last month, the Chinese Communist Party (CCP) State Council rocked the crypto prices after ordering a suspension to bitcoin mining and trading. Since then, the situation has taken a turn for the worse.

Last week, Sichuan, one of the world’s biggest hydro-powered bitcoin mining hubs, became the fifth province to order miners to shut down owing to the industry’s vast energy demands.

Today’s crypto trading ban from China’s central bank has triggered a sell-off in the markets. Bitcoin is changing hands at $32,200.41 at the time of publication, with a 5.67% loss since the news first emerged. Ethereum has slipped below $2,000 for the first time since late May, losing 6.54% on an adjusted 24-hour scale. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020147 (-100%)

bank central china banks providing stop institutions

bank central → Результатов: 126


Cuba’s Central Bank Announces Digital Asset License For Crypto Companies

The Cuban central bank released regulations for virtual asset service providers on Tuesday, a move that some experts believe could help the Communist-run Caribbean island avoid hefty US sanctions. Cuban Central Bank Announces Crypto License The Central Bank of Cuba (BCC) has declared that virtual asset service companies would be granted licenses. The license will […]

2022-4-29 01:35