China’s central bank to accelerate oversight of cryptocurrency trading

2 August, 2011

People’s Bank of China (PBC), the country’s central bank, stated on Friday that the bank will accelerate oversight and restrictions on cryptocurrency transaction, according to Global Times.

The central bank has said that it has seen an upswing in cryptocurrency transaction risks. Beijing’s financial market regulators moved to ban the trading of any cryptocurrencies in areas under their jurisdiction.

The PBC has pushed all platform-based enterprises to enhance risk management measures following regulations to prohibit the trading and speculation relating to cryptocurrencies.

In general, maintaining financial market stability will be the priority of the PBC, the newspaper said. “Flexible currency policies will be implemented, which may ensure a balance of general money supply and the social financing, and maintain the nation’s macro leverage ratio to be basically stable,” it said.

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