China bans financial, payment institutions from cryptocurrency business
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
“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 has not barred individuals from holding cryptocurrencies.
