People's Bank of China to Regulate Online Payment Industry
Chongqing Times, 4/20/09
The People's Bank of China (PBoC) has released a statement saying it will require non-financial institutions offering payment services to be registered. The move implies that PBoC is looking to standardize the third-party payment industry. Companies engaged in handling online payments or issuing virtual currency will all come under the scope of the regulations.
Keywords: Internet online payment People's Bank of China third-party payment virtual currency e-commerce e-payment regulation
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