Law360 (June 21, 2021, 5:29 PM EDT) — China’s central bank on Monday told the country’s leading financial institutions to cease all support for cryptocurrency transactions, citing the potential for digital currencies to facilitate money laundering and skirt regulations on asset transfers.
The People’s Bank of China, or PBOC, said it instituted the ban after consulting with and securing the support of some of the nation’s largest financial institutions, including the Industrial and Commercial Bank of China, Agricultural Bank of China and mobile payment platform Alipay.
In a translated statement announcing the policy change, the PBOC contended that a lack of oversight of crypto trading markets leaves investors vulnerable…
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