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.
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. Such services include registration, trading, clearing and settlement.
“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.
Individuals are not yet barred from holding cryptocurrencies, however, China has banned crypto exchanges and initial coin offerings.
