The Beat Goes On: More Chinese Banks Ban Bitcoin
The People’s Bank of China (PBOC) has continued its crackdown on trading in digital currencies. Three major organizations – The Bank of China (not to be confused with the PBOC), Chinese Construction Bank and top online payments service Tenpay have announced they will no longer allow clients to use their accounts to conduct transactions in Bitcoin and Litecoin. The announcements are the same made by other Chinese businesses refusing digital currency clients. A rough translation of the statement reads: “To protect the property rights and interests of the public and prevent money laundering....
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