PBoC warns against cryptocurrency activities
The People’s Bank of China (PBoC) warned on Tuesday “institutions within [its] jurisdiction not to provide business premises, commercial display, marketing… for virtual currency-related business activities.”
The central bank stressed that financial and payment institutions within its jurisdiction are not allowed to “directly or indirectly” provide cryptocurrency transaction services. Consumers were reminded to increase their own awareness about cryptocurrency risks and were instructed not to “blindly follow… speculative [trading] behavior.”
Earlier in the day, Beijing municipal authorities ordered Beijing Tongdao Cultural Development Co. Ltd. to stop providing software services for virtual currency transactions. PBoC’s Business Management Department and the Huairou District government also took action against the company.
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