Share this article
PBoC Official Calls for Wider Ban on Chinese Crypto Trading: Report
The vice governor of China's central bank is reportedly seeking a wider ban on services related to cryptocurrency trading in the country.
By Wolfie Zhao
Updated Sep 13, 2021, 7:23 a.m. Published Jan 16, 2018, 10:00 a.m.
Make us preferred on Google
In this article
A senior official at the People's Bank of China is reportedly calling for a wider ban on services related to cryptocurrency trading in the country.
Pan Gongsheng, vice governor of the central bank, said, to prevent market risk, the government would apply more strict regulation to end all cryptocurrency trading-related activities and services. The news comes via a Reuters report today, citing an internal memo reviewed by the news agency.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
While it's not yet clear whether the reported memo will become immediate policy, the news indicates the continuing severe stance taken by China's top regulators towards curbing cryptocurrency speculation and lowering perceived financial risk in the country.
According to the report, Pan said in the memo that a wider ban should extend to services and activities including individual or institutional market-makers, centralized trading platforms, guarantors, or settlement providers like online cryptocurrency wallets.
Back in early September, Chinese regulators banned initial coin offerings (ICOs) in the country and also subsequently required domestic exchanges to suspend crypto-to-fiat currency order-book trading services.
Following the restrictions, major exchanges in China have shifted business focus to over-the-counter (OTC) and overseas crypto-to-crypto trading – services that are currently still available for residents in China.
The report indicates that Pan is now seeking collaboration from both central and local authorities to investigate and subsequently block any domestic or foreign platforms that allow investors in China to participate in cryptocurrency trading.
People's Bank of China image via Shutterstock
Di più per voi
Accelerating Convergence Between Traditional and On-Chain Finance in 2026?
Commissioned bySociete Generale-FORGE
Більше для вас
Coinbase misses Q4 estimates as transaction revenue falls below $1 billion
"Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems," said the company.
Що варто знати:
- Crypto exchange Coinbase reported a fourth quarter earnings miss.
- Transaction revenue of $982.7 million was down from $1.046 billion the previous quarter and $1.556 billion in the fourth quarter one year ago.
- In the first quarter of 2026 through Feb. 10, the company has seen about $420 million in transaction revenue.
- Shares were modestly higher in after-hours trade, though remaining down about 40% year-to-date.
Top Stories
