Another Year, Another Crypto Ban FUD in China

Source: Adobe/Mariia Korneeva

China has banned monetary establishments and fee firms from providing their shoppers any service involving cryptocurrency, akin to registration, buying and selling, clearing, and settlement, Reuters reported, citing a joint assertion by three business our bodies.

However, plainly the report will not be correct as the statement solely reiterates “an anti-speculation regulation from years in the past.”

In either case, per the report, the institutions must not provide saving, trust, or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement by the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China added.

Per the report, the industry bodies have also warned that “speculative” crypto trading and is “seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”

Previously, China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptoassets.

Bitcoin (BTC), ethereum (ETH), and a number of altcoins corrected following the information. BTC dropped from above USD 45,500 to beneath USD 43,000 earlier than rebounding. ETH dived from virtually USD 3,550 to USD 3,291.
(Updated at 14:45 UTC: updates all through the complete textual content.)
Learn extra:
– Elongate: Market Rereads Bitcoin FUD Playbook & Waits For The Next Tweet
– Chinese Arbitration Body Says Crypto Crackdown ‘Isn’t a Bitcoin Ban’
– Chinese Regulators Warn Crypto Crackdown Is Still Effective

– India’s Crypto Community Fights Back As Ban Bill Turns Into Tiresome Soap Opera
– Turkey Bans Crypto Payments

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