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China’s financial regulators ban cryptocurrency business
Home Markets Cryptos China’s financial regulators ban cryptocurrency business by Ajibola Akamo May 19, 2021 Reading Time: 2 mins read China financial industry bodies namely, The National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China declared on Tuesday that financial and payment institutions must not conduct cryptocurrency-related businesses. “Recently, cryptocurrency 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,” the bodies said in a joint statement as reported by Reuters . READ: Binance under investigation by the US justice department China has banned cryptocurrency exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies. The institutions a...
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