Business

Chinese financial, payment bodies barred from cryptocurrency business

Chinese financial industry bodies said on Tuesday that financial and payment institutions must not conduct cryptocurrency-related businesses.

FILE PHOTO: Picture illustration of a small toy figurine and representations of the Bitcoin virtual
FILE PHOTO: A small toy figurine is seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. REUTERS/Dado Ruvic/Illustration

Bookmark

BEIJING: Chinese financial industry bodies said on Tuesday that financial and payment institutions must not conduct cryptocurrency-related businesses.

Cryptocurreny prices have been volatile recently and speculative trading has resurged, seriously disturbing the economic and financial order, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China said in a joint statement.

(Reporting by Samuel Shen and Twinnie Siu; Editing by Andrew Heavens)

Source: Reuters