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China Introduces Major Crackdown on Crypto Market

mlawson71

Well-Known Member
Three leading institutions in China made the decision to crack down on the crypto industry - the National Internet Finance Association of China, the Payment and Clearing Association of China, and the China Banking Association. They are banning financial services and payment companies from making any transactions or providing any services. According to the new rules:

-Financial institutions cannot offer any crypto-related services, no registrations, clearing trading and settlements.

-They cannot provide trust, savings, or pledging services of any crypto asset.

-They cannot issue any products related to cryptos.

-They cannot accept payments in the form of digital coins and they cannot use such as payment, nor can they provide rypto exchange services between foreign currencies and the yuan.
Source
They want no rivals for their CBDC, clearly.
 

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