China’s central bank has released an official order to Ant Group, China’s biggest payments provider, and four state-owned banks to intensify their efforts against cryptocurrencies. 

Along with Ant Group, state-owned banks Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, and Postal Savings Bank of China were ordered to eradicate any forms of crypto transactions in the country. 

They were also ordered to stop offering services such as account opening, registration, and trading that are related to cryptocurrencies. On top of these things, the financial entities were also instructed by the government to permanently block any payment services that are reaching out to their clients.

Disrupting the economy

According to the People’s Bank of China (PBOC), the rapid rise of cryptocurrencies and the speculative activities that come with them have disrupted the country’s financial order.

The central bank also said that cryptos are ideal tools for criminal activities because they can be used for money laundering and cross-border transfers. These illegal activities, according to the bank, would surely put the general public’s property safety on the line. 

Following orders

Alipay, a third-party mobile and online payment platform, and operated by Ant Group, have followed the government’s order by establishing a monitoring system that can track cryptocurrency transactions. 

The payments platform also said that merchants who engage in any form of crypto transactions will immediately be banned. 

Together with Ant, all the four state-owned banks have announced that they will implement a series of strict measures that would further stop crypto-related activities from being used in the country. 

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/bitcoin/peoples-bank-of-china-orders-banks-to-sweep-crypto-operations/