Not a long time ago, People’s Bank of China(PBOC), which is the central bank of the country, announced that all leading banks and financial institution should stop providing all types of Cryptocurrency transactions. Also, in the same statement, all accounts involved in these transactions must be identified and all necessary payment links must be closed.
The statement came after PBOC had a discuss with Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank, Industrial Bank and Alipay (China) Network Technology. Negatively, this affects Cryptocurrency market.
However, the reason behind the whole thing is that PBOC wants to prohibit money laundering and illegal cross-border transactions. And all financial institutions agreed to follow the statement.
