BREAKING!! Government Bans Financial Institutions From All Cryptocurrency Business
Financial institutions and payment businesses in China have been barred from providing services connected to cryptocurrency transactions, and investors have been warned against speculative crypto trading.
According to the restriction, such institutions, such as banks and online payment channels, must not provide clients with any cryptocurrency-related services, such as registration, trading, clearing, or settlement, according to a joint statement released by three industry associations on Tuesday.
“Recently, crypto currency prices have surged and plunged, and speculative cryptocurrency trading has rebounded, gravely jeopardizing the protection of people’s property and disturbing the normal economic and financial order,” they said in a statement.
China has outlawed cryptocurrency exchanges and initial coin offerings, but not cryptocurrency ownership.
The institutions must not provide bitcoin saving, trust, or pledging services, nor issue financial products related to cryptocurrencies, according to the statement.
The statement further emphasized the dangers of cryptocurrency trading, claiming that virtual currencies “are not underpinned by real value,” that their prices are readily manipulated, and that trading contracts are not covered by Chinese law.
The National Internet Finance Association of China, the China Banking Association, and the China Payment and Clearing Association are the three industry bodies.
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