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