China Announces Ban on Cryptocurrency Transactions
Financial Stability Concerns Drive Prohibition
Beijing Crackdown Targets Overseas Exchanges
The People's Bank of China (PBOC) has announced a ban on all transactions involving cryptocurrencies, citing concerns over financial stability. The move follows a series of tightening measures by Chinese authorities against the digital asset industry.
According to a statement from the PBOC, "All financial institutions and payment institutions are prohibited from providing services related to cryptocurrency transactions, including registration, trading, clearing, settlement, custody, or information services."
The PBOC argues that the ban is necessary to curb financial risks associated with cryptocurrencies, such as price volatility, money laundering, and terrorist financing. The bank maintains that digital assets are not suitable for circulation as currency in China.
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