China’s central bank unveiled plans to more closely inspect operations of digital currency exchanges in an effort to curb the yuan’s outflow.
China’s central bank on Wednesday announced that it will try to issue digital currencies ‘as soon as possible’ to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply.
The Industrial and Commercial Bank of China (ICBC) joins a host of other Chinese banks that will prohibit bitcoin businesses.
Chinese bitcoin exchange FXBTC is set to be closed on May 10th due to the growing restrictions from the People’s Bank of China.
In case PBOC (People’s Bank of China) decides to tighten the restrictions of financial services that are operating with industry, major Chinese bitcoin exchanges will be ready to move their operations.