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Chinese Banks Promise To Step Up Cryptocurrency Ban

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FILE - In this June 1, 2021, file photo, a woman walks past an advertisement for the Bitcoin cryptocurrency in Hong Kong. China’s biggest banks promised Monday, June 21, 2021, to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban. (AP Photo/Vincent Yu, File)

(AP) — China’s biggest banks have promised to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban. Regulators appear to be worried that despite a 2013 ban on Chinese institutions handling cryptocurrencies, the state-run financial system might be exposed indirectly to risks. The four major state-owned banks and payment service Alipay promised to step up monitoring of customers and block use of their accounts to buy or trade crypto-currencies. Promoters of crypto-currencies say they allow anonymity and more flexibility, but Chinese regulators warn that might facilitate criminal activity.

 

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