China central bank urges Alipay, banks to crack down on crypto

China’s central bank on Monday said it had urged several payment firms and banks to clamp down on cryptocurrency speculation, adding to calls from Beijing for restrictions on bitcoin and other digital currencies.

The People’s Bank of China said it summoned major lenders including the Industrial and Commercial Bank of China and the Agricultural Bank of China, and Alipay, the mobile payments service run by Alibaba affiliate Ant Group, to tell them they must not provide crypto-related services.

The comments reinforce Beijing’s hard line on crypto. In 2017, the Chinese government banned so-called initial coin offerings, a way to issue new digital…