Chinese banks promise to step up cryptocurrency ban – ABC News

BEIJING — China’s biggest banks promised Monday to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban.

Regulators appear to worry that despite the 2013 ban on Chinese banks and other institutions handling cryptocurrencies, the state-run financial system might be indirectly exposed to risks. Beijing also worries users might evade efforts to monitor and control the financial system.

It said cryptocurrency trading “disrupts normal economic and financial order” and can facilitate money laundering and other crime.

The Chinese central bank is developing an electronic version of the country’s yuan that could be tracked and controlled by Beijing.

Chinese banks promise to step up cryptocurrency ban – ABC News