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.

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