Select Page

China Bans Financial Institutions From Participating in Crypto Services

China Bans Financial Institutions From Participating in Crypto Services
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

Under this ban, no banks or online payments channels are permitted to offer clients any services involving cryptocurrency. This represents a deviation from last month’s announcement by the People’s Bank of China (PBoC) that bitcoin (BTC) was an “investment alternative.”

On April 18, the Chinese central bank appeared to be changing their attitude towards digital currencies. Remarks made by the deputy governor of the PBoC Li Bo seemed to show a move towards accepting bitcoin and cryptocurrencies.

This was a shift from China’s more traditionally combative approach to cryptocurrency trading and exchanges. Back in 2017, China banned initial coin offerings and cracked down on exchanges and trading platforms. However, this wasn’t representative of the full story.

China has historically been one of the largest buyers of bitcoin. In 2020, it was among the top five countries with the largest bitcoin investments.

Latest developments

However, today’s latest development shows a pivot away from accepting cryptocurrency en masse in the country. With the joint statement reading:

“Recently, 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.” 

While exchanges and initial coin offerings are barred, individuals in China are still permitted to hold cryptocurrencies. The institutions must not offer any saving, trust or pledging services of cryptocurrency, nor are they allowed to issue financial products related to cryptocurrency.

This move comes while China is testing its own central bank digital currency, the digital yuan.


The post China Bans Financial Institutions From Participating in Crypto Services appeared first on BeInCrypto.


Source: BeInCrypto


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own here



Select Sub Category


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber