PBOC Says Crypto Platform Closures Went Smoothly

PBOC Says Crypto Platform Closures Went Smoothly

Xu Wei

Date: Tue, 04/24/2018 - 11:08 / source:Yicai
PBOC Says Crypto Platform Closures Went Smoothly
PBOC Says Crypto Platform Closures Went Smoothly

(Yicai Global) April 24 -- China has overseen the smooth shut down of its cryptocurrency trading platforms since bringing in a regulatory order last September to suspend all such operations, the central bank said.

The People’s Bank of China (PBOC) said it had successfully served notices to relevant government departments in a timely manner to warn of the sector’s risks and called on local governments to make changes based on their guidance. This resulted in the smooth shuttering of the major cryptocurrency platforms such as BTC China and OKcoin.

Regulators have fought fiercely to fend off risks in the fintech sector through tougher rules, state-backed news site The Paper reported an official as saying during a forum held in Beijing.

Authorities in China, once a world center of trading in Bitcoin and other virtual currencies, launched their first salvo against cryptocurrencies last year. They have banned exchanges and initial coin offerings and blocked access to offshore trading platforms among other measures. PBOC will start a new clampdown this year, Deputy Governor Fan Yifei said at the end of last month.

PBOC will now work with the justice ministry to bring in new regulations aimed at further curbs on illegal fundraising as well as rules on non-depository lending organizations, the official said, according to The Paper.

The central bank aims to closely monitor and guide private lending rates, as well as borrowing methods, while cracking down on illegal fundraising. It will also continue to monitor illegal fundraising using its anti-money laundering system, supervise and urge lenders to strictly implement required regulatory changes, while also strengthening the building of a social credit system.

Editor: William Clegg

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Keywords: ICO, Bitcoin