Report: China Bans Financial Institutions From Offering Bitcoin Services
China has reportedly banned financial institutions and payment companies from offering Bitcoin service to clients.China has banned financial institutions and payments companies from offering Bitcoin services to clients, including registration, trading, clearing and settlement, Reuters reported. The ban, which also applies to other cryptocurrencies, was announced in a joint statement from the National Internet Association of China, the China Banking Association and the Payment and Clearing Association of China that pointed to concerns over volatility and speculation."Recently,....
Related News
Have you noticed a trend lately? It seems like every number of days, some "news" comes from China regarding a ban of some sort. If not outright, then the discussion surrounds banks and other financial institutions from being barred from bitcoin dealings. And every single time there's panic. And what happens when there's panic? The price drops. Someone makes a lot of money. I received an email this morning from a reader asking why I haven't covered this latest news coming from China. Apparently, these "talks" between the People's Bank of China and financial institutions are getting serious.....
Cryptocurrency has long been a contentious subject in China, with the government imposing strict regulations and outright bans on various aspects of the industry. However, a recent report from China’s People’s Court challenges this historical stance, offering newfound recognition to virtual assets as legal property. In a significant departure from conventional policy, the report titled […]
Uphold Inc., a platform that provides various financial services and encourages fintech innovation, now allows customers in Greater China and Hong Kong to use their China UnionPay card to load funds to their Uphold wallet. Uphold is partnering with China UnionPay, the largest bank card association in China. Uphold offers China UnionPay customers a safe, secure, and transparent suite of financial services. In announcing the China UnionPay partnership, Anthony Watson, Uphold president and CEO, said Uphold becomes the first U.S.-based financial services company to provide services in Greater....
The combined forces of passionate communities with potent tools, and the deepening involvement of institutions, make successful bans less likely.
The price of bitcoin has crashed slightly following the breaking news that China is effectively banning the use of Bitcoin to carry out business for financial companies. The People's Bank of China has said that bitcoin doesn't quite have a "real meaning", and individuals should take caution if investing or using it. The story with financial institutions, however, is different. The central bank is banning the use of bitcoin for these companies. "The concern is that it interferes with normal monetary policy operation," said lead researcher Hao Hong from the Bocom International Holdings....