Info comes via Reuters, the wire citing three industry bodies in a joint statement on Tuesday.
China ban institutions, including banks and online payments channels:
- must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement
Also warned investors against speculative crypto trading
- "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"
- virtual currencies "are not supported by real value," their prices are easily manipulated, and trading contracts are not protected by Chinese law
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The three industry bodies statement cited:
- National Internet Finance Association of China
- China Banking Association
- Payment and Clearing Association of China
