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Wednesday, July 28, 2021

Chinese Authorities Reiterate Crypto Anti-Speculation Law for Local Financial and Payment Institutions

Chinese Financial institutions reiterated the 2017 anti-crypto speculation law for local financial institutions and payment companies from providing services related to cryptocurrency transactions amid market fluctuations.

The Chinese National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China warned that institutions must not “provide saving, trust, or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency.”

The three institutions said that “cryptocurrency 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.”

Despite the ban on crypto services, citizens are not yet banned from owning cryptocurrency or mining coins. 

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