November 29, 2022

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A BTC ICYMI – China bans financial institutions from offering cryptocurrency services

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Info comes via Reuters, the wire citing three industry bodies in a joint statement on Tuesday.

China ban institutions, including banks and online payments channels:

  • must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement

Also warned investors against speculative crypto trading

  • “Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order”
  • virtual currencies “are not supported by real value,” their prices are easily manipulated, and trading contracts are not protected by Chinese law

The three industry bodies statement cited:

  • National Internet Finance Association of China
  • China Banking Association
  • Payment and Clearing Association of China
Info comes via Reuters, the wire citing three industry bodies in a joint statement on Tuesday.




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