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What happened?
On Tuesday three financial industry associations contacted their members, including banks and online payment providers, not to offer any crypto-related service. This includes, registration, opening of accounts, trading, settlement and insurance.
The new ban was announced by the People’s Bank of China (PBOC) and mentions a number of services that will not be allowed. The following were jointly introduced by the National Internet Finance Association of China, the China banking association and the Payment and Clearing Association of China.
1.Institutions must not accept digital coins, or use them, and they can not provide exchange services between cryptos and the yuan or other fiat.
2.Institutions are also prohibited from cryptocurrency savings or issuing of crypto-related financial products. Cryptos should not be used as investments in any kind of way by funds and trusts.
3.Banks were also warned to increase the monitoring of money flows involving cryptocurrencies and all the risks that come with them.
“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,” they said in the statement.
What happened?
On Tuesday three financial industry associations contacted their members, including banks and online payment providers, not to offer any crypto-related service. This includes, registration, opening of accounts, trading, settlement and insurance.
The new ban was announced by the People’s Bank of China (PBOC) and mentions a number of services that will not be allowed. The following were jointly introduced by the National Internet Finance Association of China, the China banking association and the Payment and Clearing Association of China.
1.Institutions must not accept digital coins, or use them, and they can not provide exchange services between cryptos and the yuan or other fiat.
2.Institutions are also prohibited from cryptocurrency savings or issuing of crypto-related financial products. Cryptos should not be used as investments in any kind of way by funds and trusts.
3.Banks were also warned to increase the monitoring of money flows involving cryptocurrencies and all the risks that come with them.
“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,” they said in the statement.
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