China bans financial institutions from crypto related transactions

[Sammyesx]

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 trading.



Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.



“Recently, crypto currency prices have skyrocketed and plummeted,



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



The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said.



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.

Coming at a time when the crypto market is experiencing a lot of dip. Do you think the dip will continue?

 

[allison001]

This has been a long time ago , and ever since the ban cryptocurrency it was very difficult for most crypto traders and investors. when the ban on cryptocurrency was announced the price of all cryptocurrency drops then to a very low price .

And currently , I believe there is no mining organisation in China as it used to be because then I always understand China to be a leading country in terms of mining of cryptocurrency but I believe the mining industries have relocated to some American countries..

Ever since this was announced , it leads to a serious drop in the price of all cryptocurrency. After then the price of cryptocurrency struggle and return back to its original price but currently a lot of factors has affected the price of cryptocurrency and every coins including bitcoins is currently down and this might likely be for a long time.

 

[Phytology]

China is not a democratic country. Only the government controls all the things related to finance and payments. They are not positive about cryptocurrency.

 

[sincerem]

China is not a democratic country. Only the government controls all the things related to finance and payments. They are not positive about cryptocurrency.

Did you remember that China was one's cryptocurrency favourite country before the 2021 BTC crack down? Such behavior led so many exchanges residing in tbe cities of china to relocate for a favourable crypto trading operations. Now, China isn't favourable anymore, crypto enthusiasts in that country have relocated in order to keep their crypto activities going and not ending prematurely. Even as China banned crypto operations in the country dye to the danger they feel it can cause, some users are comfortably trading it secretly in the country. I have some China online friends who I share communication with, in respect of their cryptocurrency activities in the country, they're simply doing fine secretly trading the digital coins. I just hope in the future, China can reconsider their ban on all cryptocurrencies and lift it for normal crypto activities to continue going on in the country. Their are more to crypto than what some people view it, it has aided somewhat employment to users digitally reducing high rate of poverty. Only those who are very much inclined with this digital currencies can explain deeper.