{"id":129551,"date":"2021-06-21T14:42:14","date_gmt":"2021-06-21T14:42:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129551"},"modified":"2021-06-21T14:42:14","modified_gmt":"2021-06-21T14:42:14","slug":"bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/","title":{"rendered":"Bitcoin Slips To $32K As China\u2019s Central Bank Orders Banks To Block Cryptocurrency Transactions"},"content":{"rendered":"

People\u2019s Bank of China (PBoC), the country\u2019s central bank, has today directed local banks and payment institutions to stop providing cryptocurrency-related services such as account opening, trading, clearing, and settlement.<\/p>\n

The news has fueled a bearish sentiment in the crypto markets as bitcoin fell to $32,000.<\/p>\n

<\/p>\n

PBoC Calls For Further Crackdown On Crypto<\/strong><\/h2>\n

The Central bank of China reportedly had a meeting with five leading banks in the country \u2014 China Construction Bank, Postal Savings Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, and Industrial bank \u2014 \u00a0and Alipay and urged them to cut payment channels for cryptocurrency trading and other related services, a statement on Monday revealed.<\/p>\n

The PBOC argued that cryptocurrencies are not only interfering with the country\u2019s financial and economic system but also increasing the risk of money laundering, illegal cross-border money transfers and other nefarious activities.<\/p>\n

Additionally, the banking institutions are required to identify capital accounts belonging to cryptocurrency exchanges and over-the-counter brokers and break off payment links for any transactions as soon as possible.<\/p>\n

The aforementioned banks and financial institutions have agreed to follow the PBoC\u2019s directive and work towards prohibiting crypto-related activities. They have already issued statements to their customers and they also plan to rigorously vet their customers to make sure they are not participating in any activities involving cryptocurrency. <\/p>\n

Beijing\u2019s Staunch Anti-Cryptocurrency Stance<\/strong><\/h2>\n

China first banned crypto trading and issuance of tokens during bitcoin\u2019s first major bull market in 2017. With the bull rally earlier this year, we have also witnessed Beijing\u2019s aggressive onslaught of anti-cryptocurrency legislation.<\/p>\n

However, Chinese crypto blogger Colin Wu was quick to point out some clear differences in today\u2019s diktat from PBoC.<\/p>\n

PBoC\u2019s announcement comes amidst China\u2019s broader efforts to clamp down on the cryptocurrency industry. Just last month, the Chinese Communist Party (CCP) State Council rocked the crypto prices after ordering a suspension to bitcoin mining and trading. Since then, the situation has taken a turn for the worse.<\/p>\n

Last week, Sichuan, one of the world\u2019s biggest hydro-powered bitcoin mining hubs, became the fifth province to order miners to shut down owing to the industry\u2019s vast energy demands.<\/p>\n

Today\u2019s crypto trading ban from China\u2019s central bank has triggered a sell-off in the markets. Bitcoin is changing hands at $32,200.41 at the time of publication, with a 5.67% loss since the news first emerged. Ethereum has slipped below $2,000 for the first time since late May, losing 6.54% on an adjusted 24-hour scale.\u00a0<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

People\u2019s Bank of China (PBoC), the country\u2019s<\/p>\n","protected":false},"author":3,"featured_media":129550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"\nBitcoin Slips To $32K As China\u2019s Central Bank Orders Banks To Block Cryptocurrency Transactions - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Slips To $32K As China\u2019s Central Bank Orders Banks To Block Cryptocurrency Transactions - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"People\u2019s Bank of China (PBoC), the country\u2019s\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-21T14:42:14+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-Slips-To-32K-As-Chinas-Central-Bank-Orders-Banks-To-Block-Cryptocurrency-Transactions.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/\",\"url\":\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/\",\"name\":\"Bitcoin Slips To $32K As China\u2019s Central Bank Orders Banks To Block Cryptocurrency Transactions - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-06-21T14:42:14+00:00\",\"dateModified\":\"2021-06-21T14:42:14+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin\",\"item\":\"https:\/\/precoinnews.com\/category\/bitcoin\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Bitcoin Slips To $32K As China\u2019s Central Bank Orders Banks To Block Cryptocurrency Transactions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bitcoin Slips To $32K As China\u2019s Central Bank Orders Banks To Block Cryptocurrency Transactions - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Slips To $32K As China\u2019s Central Bank Orders Banks To Block Cryptocurrency Transactions - Pre Coin News","og_description":"People\u2019s Bank of China (PBoC), the country\u2019s","og_url":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/","og_site_name":"Pre Coin News","article_published_time":"2021-06-21T14:42:14+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Bitcoin-Slips-To-32K-As-Chinas-Central-Bank-Orders-Banks-To-Block-Cryptocurrency-Transactions.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/","url":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/","name":"Bitcoin Slips To $32K As China\u2019s Central Bank Orders Banks To Block Cryptocurrency Transactions - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-06-21T14:42:14+00:00","dateModified":"2021-06-21T14:42:14+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-slips-to-32k-as-chinas-central-bank-orders-banks-to-block-cryptocurrency-transactions\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin","item":"https:\/\/precoinnews.com\/category\/bitcoin\/"},{"@type":"ListItem","position":3,"name":"Bitcoin Slips To $32K As China\u2019s Central Bank Orders Banks To Block Cryptocurrency Transactions"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/129551"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=129551"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/129551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/129550"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=129551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=129551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=129551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}