Investing.com - The People’s Bank of China might expand on its crackdown on cryptocurrency-related products in the near future, Crypto Economy reported citing a financial stability report published by the central bank on November 2.
The move may happen in the coming weeks, according to the article.The PBoC reiterated in the report that initial coin offerings are highly risky and are illegal in China, as such activities have been used for capital control evasion. The central bank added that virtual coins were even used to evade international sanctions.
“There is no law or regulation that explicitly prohibits parties from holding bitcoin or private transactions in bitcoin, [only warnings to] the public about the investment risks. The contract, in this case, stipulates the obligation to return the bitcoin between two natural persons and does not belong to the [Sept. 2017 ban].”
Bitcoin slipped 0.1% to $6,456.3 by 12:40 AM ET (04:40 GMT) on the Bitifinex exchange.
Ethereum inched up 0.6% to $210.08 , and Litecoin rose 1.2% to $54.225. XRP surged 12.2% higher to $0.52947.
In other news, the government of Taiwan has revised its laws to regulate crypto transactions.
The amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act gave the country’s financial watchdog the authority to limit anonymous transactions, and demand exchanges require users to register with their real names.
If exchanges don't comply, banks can reject anonymous transactions and report them to the Financial Supervisory Commission (FSC).
Non-financial companies that violate the rules could be fined more than 50,000 yuan (around $7,256) but less than 1 million yuan (around $144,339).