Add as a preferred source on GooglePBOC to Focus Crackdown on Domestic Crypto Traders, Entities Linked to Overseas Platforms
A PBOC department official said virtual currencies currently cannot effectively meet customer-identification and anti-money-laundering requirements and can trigger speculative market trading.
The People’s Bank of China (PBOC), China’s central bank, will continue to crack down on domestic virtual-currency business activity, focusing on domestic virtual-currency traders and domestic entities related to overseas virtual-currency issuers and trading platforms, a PBOC department official said Nov. 6.
The official said virtual currencies currently cannot effectively meet customer-identification and anti-money-laundering requirements and can trigger speculative market trading.
The PBOC will work with relevant departments and local governments to maintain economic and financial order, the official said.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.