China’s Central Bank Blacklists Local Crypto OTC Dealers

The People’s Bank of China (PBoC) has blacklisted accounts of major cryptocurrency traders within crackdown on money laundering in China.

China’s central bank partnered with the local banks to share account information and transactional details to prevent the proliferation of unlawful funds, including crypto assets.

Some crypto OTC accounts have been blacklisted by PBoC: they are forbidden to make online transactions in the next five years and use bank-issued cards for the next three years. These restrictions will cause shutting down of many crypto OTC business in fear of repercussions.

As previously reported, China’s Ministry of Human Resources and Social Security has included blockchain-related jobs to the official list of occupations, which is numbering 1838 officially recognized occupations.

Now the list includes “Blockchain Engineer” and “Blockchain Application Operator”. The list by the ministry defines ‘Blockchain Engineer’ as someone that works on architecture design, programming, system application, and testing.