Will China authorize banking operations using virtual currencies again by the end of 2022?
Jan 1, 2023
In June of 2021 the People’s Bank of China issued guidelines to the country’s major financial institutions restricting the supply of services, products, and transactions linked to virtual currencies. The authorities are identifying and restricting the activities of cryptocurrencies exchanges and over-the-counter operators. These prohibitions have happened in the context of a tightening of Bitcoin mining in the provinces of China. If the People’s Bank of China goes back to allowing financial institutions to offer products, services, and transactions using virtual currencies - other than the digital yuan - by December 31, 2022, this market will be resolved as “Yes.