CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$30,206.00
  • ethereum
    ETH$2,051.78
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Crypto Fund
    Home » Crypto News » Chinese Industry Organizations Reiterate Old Restrictions on Cryptocurrencies

    Chinese Industry Organizations Reiterate Old Restrictions on Cryptocurrencies

    Author: Mandy Williams

    Last Updated May 18, 2021 @ 19:19

    Self-regulatory bodies in China have once again reiterated the country’s stance on cryptocurrencies and financial institutions looking to service them.

    Latest reports from China reveal that self-regulatory bodies have reiterated a ban on financial institutions and payment companies from providing banking services to crypto traders and related entities.

    • Per the original report, the move stems from high volatility in the crypto market, which reportedly exposes people’s property to risk.

    • In a joint statement by three industry organizations in the country, China claimed that the rise and fall of crypto prices is “disrupting the normal economic and financial order.

    • According to the report, the three industry bodies are the China Banking Association, the National Internet Finance Association of China, and the Clearing Association of China.

    • As per the statement, they believe that cryptocurrencies “are not supported by real value,” plus their prices are easily manipulated.

    • With the restrictions now in force, all financial institutions, including banks and other payment platforms, can’t offer their services to clients that deal with cryptocurrency. Such services include registration, trading, clearing, and settlement.

    • While China has banned banks from servicing crypto entities, investors and traders are not prohibited from getting involved with the asset class.

    • Crypto traders in China just need to find a way to conduct their crypto activities without using banks, which is possible through peer-to-peer channels.

    • Meanwhile, China is not the first country to prohibit financial institutions from servicing crypto exchanges and related firms.

    • Earlier this year, Nigeria’s central bank banned banks from facilitating crypto transactions. Despite the ban, several reports revealed that crypto trading volume in the country continues to surge, thanks to P2P platforms.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • bitcoinchina
      China Securities Journal Says Cryptocurrency Trading Is Risky and Calls for Strict Supervision
    • China
      Leading Banks in China Push the Digital Yuan Over Alipay And WeChat Pay
    • india_cover
      India Reportedly Plans to Criminalize Bitcoin and Other Cryptocurrencies
    Tags: China Regulations
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Mandy Williams
    More posts by this author

    Mandy Williams is a full-time reporter at CryptoPotato. She joined the cryptocurrency space in early 2017 during her search for financial freedom and has remained devoted to the industry.
    Contact Mandy: Twitter

  • bitcoin
    BTC$30,206.00
  • ethereum
    ETH$2,051.78
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Binance Visa Card Guide: Read Before You Order

    Binance Visa Card Guide: Read Before You Order

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Okay Bears NFT Collection: The Complete Guide

    Okay Bears NFT Collection: The Complete Guide

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Bittrex CBO: Why Bittrex Lost its Lead, Token Sales’ Critical Mistakes, and How to Get Listed (Interview)

    Bittrex CBO: Why Bittrex Lost its Lead, Token Sales’ Critical Mistakes, and How to Get Listed (Interview)

    What is Balancer Protocol? Everything You Need to Know

    What is Balancer Protocol? Everything You Need to Know

    Coinbase Wallet For Beginners: The Complete Guide

    Coinbase Wallet For Beginners: The Complete Guide

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!