Chinese banks have taken a lot of flak recently for their slow adoption of technology that allows people to access money stored on bitcoin, the cryptocurrency that is used to pay for goods and services.
According to the Financial Times, Chinese regulators have banned all exchanges that use the platform.
It’s an example of how the banks have to fight for their own turf, even as the rest of the world has become more accepting of digital currencies.
The Chinese authorities are not alone in banning the use of bitcoin, though.
The United States and several European countries have banned it too, as well.
China has banned the use and transfer of bitcoin because of concerns about the volatility of the currency, and the banks’ failure to properly track transactions.
Bitcoin is the world’s most widely traded cryptocurrency, with more than $9.5 trillion in value.
It’s not clear how many Chinese banks use bitcoin.
One bitcoin is worth about $4,000 in the United States.
But bitcoin exchanges are still a relatively small part of the global trading market, with a global volume of $9 trillion in 2015, according to Coinmarketcap.
But that number is likely to be significantly higher because many of these companies are still struggling to get their systems up and running.
The most recent data from the Hong Kong-based research firm CoinMarketcap shows that more than 7,000 bitcoin exchanges in the country are still operating, and only about 500 of them are in compliance with the government’s restrictions.
There are about 30 bitcoin trading platforms in China, and many of them have no direct connection to bitcoin, according in CoinMarketcaps data.
However, the country has been moving to tighten controls over bitcoin in recent months, as a number of countries have started regulating it, and China has also been making some moves to crack down on the digital currency.
One of those moves is the creation of a new agency that oversees the trading of bitcoin in China.
The government recently appointed a new director of the National Bank of China, who is known for being more lenient than previous director Li Yuhu, who was more outspoken on the subject of bitcoin.
According the Reuters report, the new director is a member of the Chinese Communist Party, which has a history of cracking down on online activists and is known to have been behind the arrests of prominent online critics.
“We hope the new bureau will have the power to protect the Chinese people from the risks of unregulated and illicit financial services, as the old bureau has done,” Li Yuyu, the former deputy director of China’s central bank, told Reuters at the time.
“We hope it will not take away from the central bank’s efforts to fight illicit financial institutions.”
There’s been no indication as of yet whether this new bureau, which was established to oversee the use, regulation and regulation of bitcoin by China’s government, will be able to effectively address the concerns raised by the previous director.