Share this article
China Reiterates Crypto Bans From 2013 and 2017
Regulators cite the dangers of speculative trading.
By Muyao Shen
Updated Sep 14, 2021, 12:57 p.m. Published May 18, 2021, 3:14 p.m.
The National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China reiterated their stance on banning crypto services.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The three entities published a note Tuesday confirming bans originally implemented in 2013 and 2017 that bar financial and payment institutions from providing any services related to cryptocurrency transactions and saying that initial coin offerings remain illegal.
"Virtual currency's prices have soared and plummeted recently, resulting [in] a rebound of speculative trading activities of virtual currency," the report said. "It has seriously damaged the safety of the people's investment and damaged the normal economic and financial orders."
The goal of the notice, according to the statement, is to reiterate the previously announced bans on cryptocurrencies.
In 2013, China's central bank barred financial institutions from handling bitcoin transactions, according to a notice from China Securities Regulatory Commission.
And then again in 2017, the central bank in China declared initial coin offerings as illegal, which caused bitcoin's price to fall.
At press time, bitcoin was changing hands at $43,269.37, down 2.62% in the past 24 hours, according to the CoinDesk 20.
Больше для вас
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Что нужно знать:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
