China has warned against speculative crypto trading and placed a ban on financial institutions and payment companies supplying services related to cryptocurrency transactions, Reuters reported. Redmi Note 9 Review | Mobile | China government has placed a banned on financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto … It has also warned … China Bans Payment Firms From Crypto Business - Decrypt - Flipboard Learn more about this new non-profit cryptocurrency, Why is EOS going up? Following the latest cryptocurrency bull run China’s participation in cryptocurrency has rebounded, largely fueled by oversea exchanges such as Huobi and OKEx. According to the China National Development and Reform Commission (NDRC), all the online mediums related to crypto mining were on the verge of getting blocked in China. The Chinese government has given no indication that it holds any Bitcoin, nor would its recent attitude towards crypto suggest that it would be likely to divulge that sort of information. The financial institutions in the country should not provide either in saying or pledging services of cryptocurrency. China has now further extended its existing ban to banks and payment companies, banning any saving, trust or pledging services of cryptocurrency. Following the latest cryptocurrency bull run China’s participation in cryptocurrency has rebounded, largely fueled by oversea exchanges such as Huobi and OKEx. China bans financial, payment institutions from cryptocurrency business. Latest News | The statement also highlighted the risks of cryptocurrency trading, saying vitural currencies "are not supported by real value", their prices are easily manipulated, and trading contracts are not protected by Chinese law. China on May 18 announced that country’s financial institutions and payment companies from providing any services related to cryptocurrency transactions and has even warned the investors against speculative crypto trading. In this video, I discuss China's recent ban of Crypto exchanges. IMAGE: AP/Pixabay. Apple Music | May. In 2017, China shut down its local cryptocurrency exchanges, smothering a speculative market that had accounted for 90 percent of global Bitcoin trading. Three industry bodies made a statement on Tuesday making it clear that, under the ban, institutions including banks and online payments channels, must not offer any service involving cryptocurrency. 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Under the ban, Chinese financial institutions are not allowed from offering clients any service involving cryptocurrencies. Laptop News | The joint statement also highlighted the risks of digital currency trading and said that cryptocurrencies “are not supported by real value” adding that their prices are easily fabricated and the trading laws are also not protected by Chinese law. On Nov. 22, authorities in Shenzhen have identified a total of 39 exchanges falling foul of China’s cryptocurrency trading ban, according to local news outlet Sanyan Finance. In June 2019, the Folks’s Financial institution of China issued an announcement saying it could block entry to all home and international cryptocurrency exchanges and Preliminary Coin Providing web sites, aiming to clamp down on all cryptocurrency buying and selling with a ban on international exchanges. PS5 | Chinese regulatory authorities had imposed a ban on initial coin offerings (ICO), a cryptocurrency-based fundraising process, and termed it illegal in China … TV | Apple iPhone 12 mini Review | Written By. China has now further extended its existing ban to banks and payment companies, banning any saving, trust or pledging services of cryptocurrency. In June 2019, the People’s Bank of China issued a statement saying it would block access to all domestic and foreign cryptocurrency exchanges and Initial Coin Offering websites, aiming to clamp down on all cryptocurrency trading with a ban …
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