China banned support for cryptocurrency-related business

May 19, 2021

China banned support for cryptocurrency

Three associations under the People’s Bank of China (PBOC) issued a joint notice prohibiting companies from supporting cryptocurrency-related businesses. This was reported by journalist Colin Wu.

Breaking: Three associations under the Central Bank of China issued a document requiring institutions not to conduct virtualcurrency business, calling on the public not to participate in virtualcurrency, and emphasizing that virtualcurrency transactions are not protected by law.

Wu Blockchain (@WuBlockchain) May 18, 2021

The document referred to by Wu was signed by the China Banking Association, the Internet Finance Association and the Payments and Clearing Association. They advised citizens to refrain from investing in cryptocurrencies and reminded that such transactions are not protected by law.

“Digital currency is a special virtual commodity that is not associated with monetary authorities. It has no monetary properties and is not a real currency. It is prohibited to use it as a medium of exchange in the market,” the notice says.

The measure aims to reduce the risks of speculation with cryptocurrency. Companies were required to stop any activities related to digital assets and break cooperation with core players. In particular, Internet platforms were banned from displaying relevant advertising.

Associations will strengthen supervision over market participants. Violators will be subject to sanctions.

Recall, China CITIC Bank banned individuals and entities to use accounts to buy and sell cryptocurrencies.

In April 2021, China proposed to consider cryptocurrencies, such as bitcoin, as investment instruments.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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