Three associations under the central bank of China reiterated their stance on banning Bitcoin and crypto services on May 18th
Three associations affiliated with China’s central bank, The National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, all acknowledged that their seven-year Bitcoin ban requires another ban. As such, it seems that China is reiterating its stance on banning crypto services on May 18.
China bans Bitcoin again
The three entities published a note confirming the bans implemented in 2013 and 2017, respectively, prohibiting financial and payment institutions from providing any services related to cryptocurrency trading. and said that the original coin offerings are still illegal.
They ordered financial institutions not to engage in crypto transactions and take action if they suspect a crypto-related transaction, with a rough translation stating:
“Financial institutions, payment institutions, and other member units must effectively strengthen their social responsibilities. They must not use virtual currency to price products and services, and must not underwrite insurance businesses related to virtual currencies or include virtual currencies in the scope of insurance liability.”
The report added:
“Financial institutions, payment institutions, and other member units should effectively strengthen the monitoring of virtual currency transaction funds, rely on industry self-discipline mechanisms, strengthen risk information sharing, and improve the level of industry risk joint prevention and control.”
Furthermore, Internet-based corporate affiliates may not provide services such as online business premises, trade shows, marketing, and advertising, and paid navigation for such activities. Cryptocurrency-related business. They stated that if any clues of related issues are found, they must promptly report them to the relevant departments and provide technical support for relevant investigations, surveys, and support.
After that, the report on May 18 said:
“Virtual currency’s prices have soared and plummeted recently, resulting in a rebound of speculative trading activities of virtual currency. It has seriously damaged the safety of the people’s investment and damaged the normal economic and financial orders.”
President Xi Jinping got obsessed with banning bitcoin almost as soon as he came to power, starting in 2014 with prohibiting Alibaba from accepting it in payments. Then in 2017, they closed some China-based international exchanges, while all the time subsidizing bitcoin exporting miners in an overt example of unfair trade.
That in part ignited the trade war between the United States and China, which some hoped was due for a detente, starting with opening crypto exchanges. Yet the nationalist authoritarian Xi for life regime clearly appears to have no interest in free and fair trade, and so continues its clown show of banning again what they banned seven years ago.
And they have to keep banning it because they can’t ban it. So providing some nice comedy because with every ban they prove Bitcoin can’t be banned.
- The Crypto Rating Council Has Published Its Rubric For Appraising Whether Or Not A Cryptocurrency Is A Security
- A New Crypto Haven? Hungary Is Set To Slash Its Cryptocurrency Tax By 50%