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International - June 22, 2021

China tells banks to stop supporting cryptocurrency

China tells banks to stop supporting cryptocurrency

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China has expanded its clampdown on cryptocurrencies, telling banks and payment platforms to stop supporting digital currency transactions.

That follows an order on Friday to shut down Bitcoin mining operations in Sichuan province.

The price of Bitcoin slumped by more than 10% on Monday but stabilized in Asian trading on Tuesday.

The value of the cryptocurrency has fallen by around 50% since hitting a record high above $63,000 in April.

On Monday, China’s central bank, the People’s Bank of China (PBOC), said it had recently summoned several major banks and payments companies to call on them to take tougher action over the trading of cryptocurrencies.

Banks were told to not provide products or services such as trading, clearing and settlement for cryptocurrency transactions.

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