CHINA’S central bank said Monday it had recently summoned some banks and payment firms, including China Construction Bank and Alipay, urging them to crack down harder on cryptocurrency trading.

The People’s Bank of China’s meeting came after China’s State Council, or Cabinet, last month said it would tighten restrictions on Bitcoin trading and mining. China has sharply ratcheted up its campaign in the last few weeks.

The central bank urged institutions at the meeting to launch thorough checks on clients’ accounts to identify those involved in cryptocurrency transactions and promptly cut their payment channels. It did not mention when the meeting was held.

“Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people’s wealth,” the central bank said in a statement.

Other participants in the meeting included major domestic lenders Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (AgBank) and Postal Savings Bank of China.

Bitcoin’s bull run globally had revived speculative trading in China, where people buy cryptocurrencies using yuan via bank accounts or payment platforms.

Last month, three industry associations issued a ban on crypto-related financial services. The central bank said its recent meeting with financial institutions was aimed at fully implementing State Council’s crypto ban.

The central bank asked banks and payment companies to invest more in technologies used to better identify crypto-related transactions and know their customers better, the central bank statement said. (SD-Agencies)