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Rumor: PBoC Prohibits Provision of Transaction Services for Virtual Currencies, 1/19/18

The People's Bank of China (PBoC), the nation's central bank, has issued a notice stating that as of January 17, its work units and branch offices are to strictly prohibit the provision of transaction services for virtual currencies and to take effective measures to block payment channels from using virtual currencies to make transactions. The notice, which has been circulating online in recent days, has not been published on the PBoC official website; but an employee close to the PBoC confirmed its authenticity to a reporter for online media outlet The document, although authentic, is not a public announcement, and so was not posted to the PBoC website.

According to the document, each work unit is expected to heighten its monitoring of day-to-day trade; and if virtual currency trading is discovered, they are to promptly close the payment channel of the trading party.

Keywords: regulation Internet virtual currency People's Bank of China


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The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

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