China bans cryptocurrencies in banks and payment systems

Cryptocurrency valuation is broken! According to the portal Queen Piece, The market is down 14.68% (at the time of writing) and almost all currencies are depreciating. When this happens, it’s common to ask yourself “Who was the culprit now!”

According to Reuters, China has banned the use of cryptocurrencies in banks and payment systems with this type of digital currency.

Cryptocurrencies can still be used by individuals

The Chinese government has banned financial institutions from conducting any type of cryptocurrency business. Cryptocurrencies, such as Bitcoin, are now banned from being used by Chinese financial firms, although there is still freedom for individuals to use on an individual basis.

According to Reuters, Advertising This restriction has been implemented by three financial sector bodies. The National Internet Finance Association of China, the China Banking Association and the China Payment and Clearing Association revealed that the decision was taken due to the risks in trading cryptocurrencies.

China bans cryptocurrencies in banks and payment systems

The ban means that Banks and companies, with online payments, cannot provide any services that include cryptocurrencies. This includes registration, trading, clearing and settlement. The exchange of tokens and initial coin offerings is also prohibited.

READ  Elon discusses Musk on Twitter, and suggests he can sell Bitcoin and drop prices

Leave a Reply

Your email address will not be published. Required fields are marked *