New regulatory guidelines in China may require citizens to verify their identities in person to deposit or withdraw 50,000 yuan when using a Chinese bitcoin trading platform.The People’s Bank of China (PBOC) recently revealed new requirements for Chinese bitcoin exchanges within the country. Zhou Xuedong, PBOC director of business management, has now detailed an anti-money laundering (AML) prospectus that has been sent to trading platforms for review. Last week Zhou detailed bitcoin trading platforms were not to be called “exchanges” anymore and revealed new AML rules which were sent to bitcoin-based businesses for consideration and recommendations.
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