Just a day after China promised to tighten regulations on unauthorized video games, the country has said it will also tighten up regulations on virtual currency.
The main reason for doing this is to fend off risks in the financial sector, as a bank official said in an interview.
China believes that the financial sector regulation is becoming more difficult, and arduous, making fund-transfer methods and tools of criminals constantly innovative.
The bank official encouraged commercial banks in China to cut off fraudulent capital chains while balancing risk prevention and payment services.
Big data, AI, and other technical means can help to identify and intercept risks much more easily.