People's Bank of China (PBoC) Orders Financial Institutions to Stop Cryptocurrency

The People's Bank of China (PBoC) has ordered all financial institutions in the country to help counter cryptocurrency deals. According to a Reuters report, the apex bank said recently that it has urged all financial institutions to step up their methods of preventing cryptocurrency trading. According to the report, the PBoC urged these institutions to cut crypto trading payment channels and not provide any financial services to digital currencies. The brash orders are not the first of their kind, as the central bank has always sought new ways to end crypto trading over the past decade. However, this current ban comes amid the growing restriction of Bitcoin and Proof-of-Work (PoW)-related mining activities from one state to the next, with Sichuan being the latest. Chinese banks are already complying Chinese banks are already complying with PBoC guidelines, with the country's third largest bank, the Agricultural Bank of China already leading the way. According to a previous report from Coingape, Ziraat Bank issued a statement earlier today asking all its customers to refrain from such prohibited activities. Based on instructions from central banks, the bank will investigate the past activities of its customers to determine who is involved in cryptocurrencies. The current attitude of banks is different from the ban introduced in 2014, and this restriction is expected to continue as other banks will be billed when the time comes to make similar notifications to their customers. Bitcoin Reacts to Ban FUD Bitcoin's price has dropped and is currently trading at $32,282, down 5.82% in the last 24 hours. At the current rate, the cryptocurrency is trading at 50.23 percent of its all-time high of $64,863.10 in April. While it is still unclear whether this is the worst response of major digital currencies to the Chinese ban F.

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