Virtual currencies face more oversight

Firm stance: A bitcoin advertisement is seen on a tram in Hong Kong. China’s central bank has urged commercial banks and payment platforms to stop services related to cryptocurrency trade and speculative investment. — AP

SHANGHAI: China is expected to issue tougher measures to intensify the crackdown on illegal mining and trading of virtual currencies, after the central bank reinforced a ban on related services provided by financial institutions, experts said.

Regulations to prevent speculation on virtual currencies should be implemented before markets are disrupted, they said. Cross-border cooperation on regulation of the currencies may also be needed after sharp sell-offs of the world’s major cryptocurrencies in recent days.