China Bans Cryptocurrency Exchanges And Financial Institutions Who Offer Payment From Cryptocurrency

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China Bans Cryptocurrency

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China bans Cryptocurrency Exchanges, financial institutions and payment companies that provide services related to cryptocurrency, and warned investors against unsafe crypto trading.

Such institutions ban, including banks and online payments channels, must not offer clients any service involving cryptocurrencies, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.

China Bans Cryptocurrency Exchanges And Online Payment Channels And Warned Investors

“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,” they said in the statement.

China has banned crypto exchanges and initial coin offerings but individuals are safe who holding cryptocurrencies.

The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said.

The statement also highlighted the risks of cryptocurrency trading, saying vitural 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 are: the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.

Read Also: Why Dogecoin will reach $1 in 2021?

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