The representative of the people’s Bank of China calls for the introduction of a wider ban on cryptocurrencies

The representative of the people’s Bank of China calls for the introduction of a wider ban on cryptocurrencies

One of the senior officials of the people’s Bank of China calls for the introduction of a wider ban on services related to the cryptocurrency trading in the country.

As reported by Reuters, ban Gunsan, Vice-Governor of the Central Bank, said that to prevent the market risks the government will implement more stringent regulation to stop all activities and services related to cryptocurrency trading.

It is unclear, does it embody a statement in life. However, the fact that such statements confirms the sharply negative attitude of Chinese regulators to the cryptocurrency.

Ban also said that a broader ban should extend to services and activities of individual and institutional participants of the market, centralized trading platforms, the guarantors or infrastructure companies, such as cryptocurrency online wallets.

In early September, Chinese regulators have banned the ICO in the country, and also demanded that the Chinese cryptocurrency exchanges have suspended their activities.

After the introduction of these restrictions, major Chinese cryptocurrency exchanges and stock exchanges has transferred its operations to over-the-counter platform (OTC) and foreign platform, which is currently available to residents of China.

Pan hopes to find support from the Central and local authorities to identify and block any domestic or foreign platforms, which allow Chinese investors to participate in cryptocurrency trading.

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