Reuters: China bans financial, payment institutions from cryptocurrency business
Wed May, 2021, Age: 2 years
The National Finance Association of China, the China Banking Association and the Payment and Clearing Association of China have issued a joint statement banning financial institutions and payment companies from providing services related to cryptocurrency transactions and warned investors against speculative crypto trading. The move is the last in a sustained effort to control a burgeoning digital trading market. Whereas other countries, including the U.S., have taken a largely hands-off approach to regulating emerging cryptocurrencies, China has banned crypto exchanges and initial coin offerings even as it pursues government-backed research into blockchain applications and seeks to be the first country to roll out a digital currency.