China Banking Association

China has banned financial institutions and payments companies from offering Bitcoin services to clients, including registration, trading, clearing and settlement, Reuters reported.

The ban, which also applies to other cryptocurrencies, was announced in a joint statement from the National Internet Association of China, the China Banking Association and the Payment and Clearing Association of China that pointed to concerns over volatility and speculation.

“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,” the joint statement said

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