updated- 23/06/2021, 15:00 IST

The People’s Bank of China urged the institutions to promptly cut payment channels for cryptocurrency trading. They must not provide other crypto-related financial services, PBOC said.

China’s central bank on Monday , summoned some banks and payment firms, including China Construction Bank and Alipay, urging them to crack down harder on cryptocurrency trading.

The People’s Bank of China’s (PBOC) meeting came after China’s State Council, or cabinet, last month said it would tighten restrictions on bitcoin trading and mining. Beijing has sharply ratcheted up its campaign in the last few weeks.

The PBOC (The People’s Bank of China’s) urged institutions at the meeting to launch thorough checks on clients’ accounts to identify those involved in cryptocurrency transactions, and promptly cut their payment channels. It did not mention when the meeting was held.

Bitcoin tumbled almost 10% on Monday, with market players citing jitters over China’s expanding crackdown on bitcoin mining in thin liquidity for the losses. It was last down 8.3%, on course for its biggest daily drop in a month.

China ramped up its campaign against crptocurrencies via banning cryptomining and also blocked a slew of cryptocurrency-related social media accounts, and barred the search for major cryptocurrency exchanges such as Binance and Huobi on baidu.com and Twitter-like platform Weib

Bans on cryptomining have also been issued in major bitcoin mining hubs, including Sichuan, Xinjiang, and Inner Mongolia.