China bans financial, payment institutions from cryptocurrency business
China has banned financial institutions and payment companies from offering services related to cryptocurrency transactions. According to what has been agreed, institutions as banks, online payment channel… shouldn't offer to customers any type of service which can involve cryptocurrencies, such as searches, negotiation… Cryptocurrencies prices have dropped and cryptocurrencies business have recovered, breaking people security and property. In June 2019, People's Bank of China released a statement saying that it would block the access to all national and foreign cryptocurrencies exchanges and to Initial Coin Offering websites, with the goal of repressing all cryptocurrency business. The statement also pointed out the dangers of cryptocurrency business, saying that the virtual currencies' price can be easily manipulated and that business contracts are not protected by Chinese law.
News: https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/
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