The People s Bank of China s said financial and payment institutions should not accept cryptocurrencies as payment or offer services and products related to them.
Three state-backed organisations – the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China – also issued a warning.
They said consumers would have no protection if they lost from cryptocurrency investment transactions, adding that the virtual currency is not a real currency .
And they warned that recent wild swings in prices seriously violate people s asset safety and are disrupting the normal economic and financial order . The Chinese have historically taken a hard line on cryptocurrency trading, worried that it encourages money laundering.
Five myths about cryptocurrency - The Washington Post
washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.
UK Annual Inflation Rose to 1 5% in April
morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
ECB VP says crypto has weak fundamentals and is not a real asset amid 30% dip
cointelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cointelegraph.com Daily Mail and Mail on Sunday newspapers.