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PBoC Official Calls for Wider Ban on Chinese Crypto Trading: Report – CoinDesk

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.

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.