China bans cryptocurrency transactions
China's central bank, The People's Bank of China (PBOC) has instructed every bank and payment platform to stop supporting digital currency transactions.
The directive came shortly after Bitcoin mining operations in Sichuan province were ordered to end last Friday.
Bitcoin prices fell more than 10 percent on Monday as a result of this directive.
Following the directive, the Agricultural Bank of China, China's third-largest lender in terms of assets, said it would put "appropriate pressure" on clients in accordance with the directive to eliminate activities involving cryptocurrency mining and transactions.
The Postal Savings Bank of China has also stated that it will not facilitate any cryptocurrency transactions.
Alipay, an online payment platform owned by Chinese mobile and financial technology giant Ant Group, said the company would set up a monitoring system to detect illegal cryptocurrency transactions.
Tags: CryptocurrencyTransactions,
