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PBOC Says Banks Must Increase Crackdown on Crypto Trading

CHINA PRESS
MNI (Singapore)

The PBOC on Monday summoned major state-owned banks and payment firms including China Construction Bank and Alibaba Group's Alipay to order harder crackdowns on cryptocurrency trading, according to a statement on its website. The central bank urged institutions at the meeting to launch thorough checks on clients' accounts to identify those involved in trading cryptocurrencies and promptly cut their payment channels. Institutions are banned from providing crypto-related products or services, including account opening and clearing, the PBOC said. The statement came soon after the government intensified a crackdown on cryptocurrency mining in several provinces.

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