The People’s Bank of China has banned payment services to conduct transactions related to cryptocurrencies


The Department of Business Administration of the People’s Bank of China (PBoC) issued a decree demanding from Beijing payment service providers to stop servicing transactions related to cryptocurrencies. This is written by CoinDesk.

Initially, information about this was published by the government edition of the Securities Times. According to him, the document requires payment companies to conduct an internal investigation in order to identify any activity that may be associated with the trade in cryptocurrencies. If such activity is detected, they must interrupt the maintenance of accounts that lead it.

Referring to sources familiar with the situation, the publication reports that, among other things, payment companies are required to report on the results of their inspections and measures taken until January 20.

Department of Business Administration – Beijing division of PBoC, whose main task is the implementation of monetary policy in the Chinese capital. Despite quite certain powers, in the document the Department notes that payment companies should conduct a check not only in their capital branches, but also in branches throughout the country.

It is not yet clear what effect these measures will have on the trade in cryptocurrencies in China. After the introduction of the ban on centralized trade last year, many sites moved to the format of over-the-counter trade.

So, Huobi and OKCoin provide platforms on which the citizens of China can post announcements about the readiness to buy or sell this or that cryptocurrency. As a rule, users of these platforms make money transfers through WeChat Pay and AliPay applications, which do not differ from other transactions performed by users of these services.

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