China is banning companies providing cryptocurrency payments and investments

China has shut down most of the country's local exchanges too.


Carl Adrian

19 May, 2021

China is banning companies providing cryptocurrency payments and investments | BEAMSTART News

China has a love-hate relationship with the cryptocurrency industry.

On one hand, the country is investing heavily into R&D to support blockchain and cryptocurrency innovation, while on the other hand regulating the industry very tightly.

As of late, the country has banned financial institutions and payment companies that offer services related to cryptocurrency trading and investments.

Key Highlights

  • China is clamping down on the rising "digital trading market", which actively uses cryptocurrencies as a medium for transactions.
  • Under the ban, all institutions (including banks and payment companies) are prohibited to offer any form of service involving cryptocurrencies.
  • Services banned include registration, trading, clearing, settlements, and more.

Why It Matters

  • China deems the cryptocurrency market as "unsafe" for the general population, and "potentially harmful to the country's economy and financial order".
  • While the country is clamping down on these services, it does not bar individuals from holding their own cryptocurrencies.
  • The banning spree has been on-going since 2017, with China shutting down nearly all of the country's local exchanges.
  • Cryptocurrencies have been falling in value as of late, as more countries begin clamping down on its use.

Already a member?

Sign in to read this article & enjoy the following:

  • Access to members-onnly content, events, and more
  • Connect with a global community of CEOs, Business Owners, and more.
  • Free Business Feature & Profile Listing
  • Post Unlimited Jobs & Hire Talent Effectively
  • Connect with Investors and Fundraise
  • Search through entire members, companies, and investors directory
  • and lots more!

Latest Jobs

Revenue Director (Go-to-market areas)

Pulppo

Mexico City, Mexico, United States

Full Time

USD 50000 — USD 80000 yearly

🤝🏼 Talent Lead

Replo

San Francisco, United States

Full Time

USD 100000 — USD 130000 yearly

People Partner Intern

Finku

Jakarta, Indonesia, United States

Internship

Salary Undisclosed

Full Stack Engineer

kapa.ai

United States

Full Time

USD 80000 — USD 119998 yearly

JavaScript Automation Intern

HiOperator

San Francisco, United States

Internship

USD 17 — USD 25 yearly

Senior Data Analyst

Vahan

Bengaluru, India, United States

Full Time

USD 2100000 — USD 3000000 yearly

Supplier Quality Engineer, Energy Storage

Moxion Power Co.

Richmond, CA, United States

Full Time

Salary Undisclosed

Senior Product Designer, Graphing

BioRender

Toronto, Canada, United States

Full Time

USD 130 — USD 240 yearly

Snr. Software Engineer (Backend)

SkyLink

New York, United States

Full Time

USD 125000 — USD 155000 yearly

QA Engineer - Intern

Peakflo

Singapore, Singapore, United States

Internship

USD 360000 — USD 600000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2024 BEAMSTART. All Rights Reserved (Legal).