China Bans Payment Firms From Crypto Business

May 18, 2021 | Decrypt News | 0 comments


China has banned financial institutions and payment firms from engaging in business related to cryptocurrency transactions. It has also warned investors against crypto trading which it has described as speculative.

This ban means that entities like banks will not be allowed to offer clients cryptocurrency services.

“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,” three industry bodies said in a combined statement today. Those three bodies are the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China.

One of the cryptocurrencies that has recently plummeted is of course Bitcoin, the world’s flagship cryptocurrency. Today, Bitcoin is down to $43,000, representing a decline of 22% in the last seven days.

While the move bans what many institutions can do in the crypto world, it does not ban individuals from holding cryptocurrencies in a personal capacity.

The move comes at a time when China has a well-developed central bank digital currency program, which many consider to be world-leading.

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