China's Central Bank Issues New Warning to Bitcoin Exchanges
The People's Bank of China issued a new statement today in which it laid out in writing the warning it issued to nine domestic startups in a meeting yesterday. The post, issued via the central bank’s website, confirmed rumors that circulated yesterday suggesting that the new meetings were broader than ones held earlier in the month, including a number of lesser-known bitcoin and cryptocurrency exchanges. Perhaps most notably, the PBOC indicated it has issued specific directives to the businesses, reiterating that the platforms must enforce anti-money laundering (AML) and foreign exchange....
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The Central Bank of Egypt (CBE) has issued a fresh warning about cryptocurrency, noting that violators could face imprisonment. The Egyptian central bank’s law “prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.”
Crypto Warning Issued by Egypt’s Central Bank
The Central Bank of Egypt (CBE) has renewed its warning about all types of cryptocurrencies, citing a number of risks, including high volatility, use in financial crimes, and e-piracy, Egypt....
The Bank of Lebanon, the country's central bank, has issued a bitcoin warning, the first such warning in the region. The warning was issued on 19th December 2013 and outlines a number of risks associated with digital currencies, many of which we are all too familiar with. The Bank warns of several risks: Transactions made through unregulated networks cannot be guaranteed and losses cannot be recovered. Unauthorized and incorrect transactions using digital currencies are irreversible. The highly speculative nature of digital currencies and the fact that they are not guaranteed by any....
BTC China announced to its English-speaking users via Twitter today that it has suspended yuan (RMB) deposits from the Bank of China. In its second such announcement since 26th April the exchange said in a (since-removed) tweet: Dear users, Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: [email protected]. - BTC China (@btcchina) May 6, 2014. Chinese exchanges have suffered major setbacks recently after banks finally responded to repeated directives from the People's Bank of China (PBOC) - China's central bank - and shuttered all....
Barclays Bank, one of the largest banks in the world, has today issued a warning on the nascent digital currency Bitcoin arguing that it is not backed by any government or central bank and the deposits are not insured. The warning follows numerous similar warnings by Consumer Financial Protection Bureaus in the aftermath of the still mysterious downfall of MT Gox. Barclays urges its customers to beware of hackers and scammers and beware of rate fluctuations as well as general advice such as carefully read the contract and know with who you are dealing. Absent from the warning however is....
China's central bank plans to continue scrutinizing domestic bitcoin exchanges. The People's Bank of China (PBoC) released its latest statement detailing how it would oversee the industry today, a move that comes weeks after it first began publicizing meetings with representatives from BTCC, Huobi and OKCoin. The PBoC went on to say that it would oversee the space more closely, later finding fault with the exchange’s policies on margin trading (though no penalties have been levied). According to the PBoC, that scrutiny will continue via additional on-site inspections. The central bank said....