Translated by: MOS Translation Team – Gordon
[Text] On January 28th, the central bank of China released the latest document stating from March 1st, financial institutions will enhance the control over corporate and personal bank accounts and conduct due diligence on customer identity information and transaction records.
Two of the regulations are closely related to personal deposits.
1. For large transactions, suspicious transactions, and doubtful identifications of personal or organization, due diligence will be carried out. The large transactions include any account’s cash transaction over 50,000RMB, corporate account’s transfers over 2 million RMB, and overseas private transfers over 200,000RMB or domestic private transfers over 500,000RMB.
2. Personal cash deposits and withdrawals of over 50,000RMB must verify identification and register the source and purpose of funds.
Analysts pointed out when the U.S. authorizes the evacuation of the embassy, the CCP central bank rapidly releases regulations to strengthen the control over the accounts of individuals and companies. It’s obvious that they know the deadline is approaching and they are trying to stop the people from evading, first to manage everyone’s cash. All wise Chinese people are aware of the existence of H-Coin, which will be a haven for health, due to its unique combination of a stable currency and floating currency, as well as its genus design linked to gold. The CCP is not strengthening capital controls as it is preventing people from investing in HCoin.
Proofread/Edited by: Saturn
Posted by: Wenfei