ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Thursday Jul 19th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

PBoC Announces Payment Providers Banned From Facilitating Cryptocurrency Trades

By

Jeremy

Nation

WriterETHNews.com

If it is legitimate, a document released by authorities in Beijing will prohibit payment service providers from facilitating cryptocurrency-related transactions, among other stipulations.

Reports from state-owned media sources in China on January 19, 2018, indicate that a circular, titled "Notice Concerning the Self-examination and Rectification of Providing Payment Services for Illegal Virtual Currency Transactions," was released online. 

Specifically addressed in the circular are regulatory requirements for banks to follow; the memo underscored that it is forbidden for banks to offer trading services related to cryptocurrencies, and directed payment channels to stop facilitating those transactions. It called for an uptick in daily monitoring efforts as well, so banks can detect cryptocurrency-related transactions; if found, banks are directed to shut down those channels. 

Sources say an unnamed staff member at the People's Bank of China (PBoC) has confirmed the legitimacy of the document, even though it did not appear on the official PBoC site. Instead, the document was reportedly released by the Central Bank Administration Department, PBoC's equivalent to a Beijing branch, and, as such, the regulatory requirements are limited to that district. However, it is expected that the investigation efforts will likely extend beyond branches located in Beijing. 

According to local sources, banks are also expected to engage in self-examination and rectification audits of their transaction records, to identify those relating to cryptocurrency. By January 20, banks within the jurisdiction of the circulated memo are expected to provide reports on the measures they have taken to ensure compliance to an administrative authority.

Sources translated from Chinese using Google Translate, unless otherwise noted.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest PBOC, People's Bank of China or other Ethereum business and finance news.