The Chinese Bitcoin exchanges could soon be expected to implement a complex know-how-customer (KYC) procedure. According to the Chinese government, this is necessary to capture the identities of the users.
According to a report by Caixin, the People’s Bank of China (PBOC) has sent a discussion report to the country’s stock exchanges. The report will provide details on the terms of the government authority. The introduction of the KYC measures is part of the central bank’s efforts to track the outflow of funds into digital currencies in order to find money laundering and other criminal activities. Ultimately, a standardized set of rules will be developed for all trading venues.
The report will describe a standard for the anti-freeze procedure as well as the introduction of an identification system.
Users are therefore supposed to go through an identification procedure directly on the platform before they can deposit funds. Users wishing to trade more than 50,000 yuan (around 7,000 euros) must participate in a video certification.
In addition to the procedure, a senior management officer must be responsible for the anti-detergent cycle. This is to be held responsible for the monitoring of suspicious transactions.
Only in January did the first rumors about a possible intervention of the domestic bitcoin market by the Chinese government spread and ensured high volatility on the international market.
Since then, the government’s stock exchanges have followed new processes, terminated the trade in margins, and finally stopped any payments of digital currencies to their users.
At this point, all disbursements are still frozen at the Chinese trading venues.
The Bitcoin News
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube