Is China Run by the Central Bank?


“A cruel reshuffle in the short-term during the government’s crackdown” is how local media is describing a new diktat from China’s central bank, the People’s Bank of China (PBoC). They are now prohibiting the selling of telephone cards and bank cards, chocking off another avenue for Over the Counter (OTC) trading especially for those that have been blacklisted. The central bank announced a blacklist of 1,091 OTC trading accounts on September 18, requiring they are suspended for three years and are prohibited from online transactions for five years. Much in China goes through WeChat Pay or AliPay, which usually require a telephone number. Thus this prohibition on selling telephone cards makes OTC trading even more difficult especially for those blacklisted. Industry insiders say the banks are targeting the simple buying and selling of bitcoins, despite the official stance this has to do with anti-money laundering measures. Such peer to peer…

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