China orders banks to stop financing cryptocurrencies as noose tightens around disrupter

Section:

By Xie Yu
South China Morning Post, Hong Kong
Friday, January 19, 2018

The People's Bank of China has ordered financial institutions to stop providing banking or funding to any activity related to cryptocurrencies, further tightening the noose since its shutdown of crypto exchanges last September sent digital currency enthusiasts fleeing overseas.

"Every bank and branch must carry out self-inspection and rectification, starting from today," according to a document issued by the central bank on Wednesday. "Service for cryptocurrency trading is strictly prohibited. Effective measures should be adopted to prevent payment channels from being used for cryptocurrency settlement."

... Dispatch continues below ...



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The Chinese-language document, as seen by the South China Morning Post, was distributed as an internal document among banks and not published on the central bank's official website.

"Banks should enhance their daily transaction monitoring, and the timely shutdown of the payment channel once they discover any suspected trading of cryptocurrencies," the document said, adding that the deadline for disclosing the measures is January 20.

The emphasis was on handling any capital settlement to avoid any financial losses by cryptocurrency investors from escalating into public protests -- known as "group events" in China -- and preserve social stability, the central bank said. ...

... For the remainder of the report:

http://www.scmp.com/business/banking-finance/article/2129645/pboc-orders...

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