China: Payment Platforms Banned from Providing Crypto Services | News [Video]

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Under the ban, these institutions – including banks and online payment channels – must not offer customers any services related to cryptocurrencies, such as registration, trading, clearing, and settlement, three industry bodies said in a joint statement on Tuesday.

"Recently, cryptocurrency prices have soared and plummeted, and speculative trading has rebounded, seriously infringing on people's property security and disrupting the normal economic and financial order," the agencies said.


China's Central Bank Rolls Out Digital Yuan

China has banned cryptocurrency exchanges and initial coin offerings but has not prevented holding by individuals.

Institutions should not provide cryptocurrency savings or trust services, or issue related financial products, the statement added.

The statement also highlighted the risks of cryptocurrency trading, saying that virtual currencies are "not backed by real value," their prices are easily manipulated, and trading contracts are not protected by Chinese law.

The three industry bodies are the China National Internet Finance Association, the China Banking Association, and …


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