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Another Year, Another Crypto Ban FUD in China - Report

Another Year, Another Crypto Ban FUD in China - Report

China has banned financial institutions and payment companies from offering their clients any service involving cryptocurrency, such as registration, trading, clearing, and settlement, Reuters reported, citing a joint statement by three industry bodies.

However, some industry players claim that the report is not accurate.

3 dumb things happened within the last hour:— Qiao Wang (@QwQiao)
also notably this is coming from some industry associations not the central bank or regulatory body— Matthew Graham (@mattysino)

In either case, per the report, the institutions must not provide saving, trust, or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement by the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China added.

Per the report, the industry bodies have also warned that “speculative” crypto trading and is “seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”

Previously, China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptoassets.

– India’s Crypto Community Fights Back As Ban Bill Turns Into Tiresome Soap Opera – Turkey Bans Crypto Payments

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