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The People's Bank of China asked the country’s major Financial Institutions and Banks to stop assisting cryptocurrency transactions.

Crypto markets were suppressed extremely by China government recently, which increasing the negative viewpoint in crypto markets. It’s reported that the People’s Bank of China (PBOC) has interviewed some banks and financial institutions these days on the issue of cryptocurrency transactions and asked them to stop providing products or services such as trading, clearing and settlement for crypto transactions.

According to the reports, the People's Bank of China issued a statement on 21st evening, stating that in order to crack down the hype of Bitcoin and other cryptocurrency transaction hype, protect people’s property, and maintain financial security and stability, PBOC consulted with the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Postal Savings Bank, Industrial Bank and Alipay Network Technology on the issue of cryptocurrency transactions. PBOC also required above-mentioned banks and financial institutions to implement the regulation strictly, and know customer identification indeed, and must not provide products or services such as account opening, registration, trading, clearing, and settlement for crypto transactions.

In addition, PBOC also required all institutions to comprehensively investigate and identify crypto exchanges and over-the-counter dealers' capital accounts, and cut off the  payment link for transaction funds promptly.

Above-mentioned banks and financial institutions have agreed to take necessary steps in line with the PBOC's guidelines and will take steps to prohibit cryptocurrency related business activities and cut off the  payment link of cryptocurrency transaction hype activities.