China Tightens Its Grip on Cryptocurrency Transactions – BitRss

China is intensifying its stringent regulations on cryptocurrencies. The country’s central bank has implemented new rules requiring banks to monitor suspicious cryptocurrency transactions. This move aims to maintain financial stability and prevent activities such as money laundering.

New Obligations for Banks

The People’s Bank of China has issued new obligations for banks, mandating them to detect and report suspicious cryptocurrency transactions. This includes close monitoring of forex transactions, activities on online platforms, and cryptocurrency transfers. When risky transactions are identified, banks will examine the user’s identity and financial history.

The newly implemented rules aim to reduce financial risks. However, the detailed surveillance of users’ financial activities raises concerns about restrictions on individual freedoms. Banks may blacklist users deemed suspicious, potentially leading to negative impacts on both financial and social aspects of individuals.

Liu Zhengyao, a lawyer from ZhiHeng Law Firm, stated that these regulation…