The People’s Bank of China Bans Bitcoin, Again

The People’s Bank of China (PBOC) reposted a memo from September 15th that addresses the country’s Bitcoin ban to their website, causing widespread Bitcoin selling and a Friday morning price dip.

The memo outlines a nation-wide crackdown on Bitcoin and other cryptocurrencies out of concern over them “disrupting economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, seriously endangering the safety of people’s property.”

The People’s Bank of China has again called prominent financial institutions in China to reinforce an evolving country-wide ban on Bitcoin exchanges and transactions. The institutions were urged to help the central bank prevent Chinese citizens from trading Bitcoin through exchanges, both domestic and abroad, and over-the-counter platforms.

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