China’s central bank ordered several banks as well as popular mobile payments provider Alipay to stop transactions linked to bitcoin, reported the South China Morning Post.
The Industrial and Commercial Bank of China, Agricultural Bank of China, the Postal Savings Bank of China, and China Construction Bank were some of the financial firms that participated in a regulatory discussion hosted by the People’s Bank of China. Another participant was Alipay which controls over 90% of China’s mobile payments market.
“Virtual currency transactions and speculative activity have disrupted the normal order of the economy and financial [system]. They increase the risks of illegal cross-border transfers of assets and illegal activities such as money laundering,” said the PBOC said in a statement posted on its website.