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China Central Bank inspecting Bitcoin operators

Staff Writer |
The central bank of China has announced that they are going to be carrying out inspections on Bitcoin enterprises in the country.

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The PBOC will check by carrying out onsite inspections if the Bitcoin enterprises within China are operating under the regulations of the country.

The central bank is on the lookout for companies that they deem to be operating “beyond the scope of the enterprise and the market.”

PBOC is also going to be checking licenses and if the companies are actually allowed to carry out credit, payment, exchange and other related businesses.

A more worrying aspect of these ‘raids’ would be that the PBOC is going to hunt down anyone that they believe is manipulating the market. Compliance with anti-money laundering system implementation and financial security risks is also on the agenda.

BTCC has released this comment on Chinese social media platform Weibo:

"The afternoon of January 11, 2017, the Shanghai headquarters of the People's Bank of China, Shanghai Finance Office and other units to carry out on-site inspection of Bitcoin China.

At present Bitcoin China is running normally, is actively cooperate with the regulatory department of inspection, and in accordance with laws and regulations to provide information, if received specific guidance, we will notify the user the first time.

Bitcoin China promises that we will, as always, strictly comply with the relevant laws and regulations and regulatory requirements, compliance business; maintenance Bitcoin market stability, and resolutely protect the interests of investors."

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