China’s PBoC warns against using bitcoin to bypass capital controls

The recent spike in the price of popular digital currency bitcoin has caught the ever-watchful eye of China’s central bank.

Officials from the People’s Bank of China (PBoC) issued a fresh notice that warned users when engaging in bitcoin-related activities several days after the digital currency hit a new all-time high, which the central bank described as “abnormal price fluctuations,” CryptoCoinsNews reported.

According to the news outlet, which translated the Chinese-language PBoC notice, the Shanghai Financial Office and central bank officials met with the head of digital currency trading platform BTC China and “urged the platform to behave in accordance with relevant laws and regulations.”

The central bank also ordered BTC China to “perform self-examination and carry out some measures if necessary,” the report stated.