Explainer: What Beijing s new crackdown means for crypto in China
05/19/2021 7:36
SHANGHAI (Reuters) - Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrency, marking a fresh crackdown on digital coins.
Many of the new rules expand on previous restrictions aimed at cryptocurrencies and close loopholes that had allowed some finance and payment firms to continue in the trade.
WHAT ARE THE NEW MEASURES?
Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer clients any services involving cryptocurrency, such as currency exchanges, registration, trading, clearing and settlement.
Bitcoin tumbles to $30,000 after China warning, Musk remarks Toggle share menu
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Bitcoin tumbles to $30,000 after China warning, Musk remarks
FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS/Dado Ruvic/Illustration
19 May 2021 10:20PM (Updated:
19 May 2021 10:20PM) Share this content
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BEIJING: Bitcoin plunged by 30 per cent on Wednesday (May 19) after China signalled a new crackdown on the cryptocurrency and tycoon Elon Musk hinted that his Tesla car company could unload its huge holdings in the unit.
The virtual currency fell to almost US$30,000 - less than half the record value it reached last month - before climbing back over US$33,000. It was still above its level at the start of the year.
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FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
Bitcoin tumbles to US$30,000 after China warning, Musk remarks
May 19, 2021
Beijing, May 19, 2021 Bitcoin plunged by 30 per cent today after China signaled a new crackdown on the cryptocurrency and Tesla head Elon Musk sent mixed signals about his car company’s use of the unit.
The virtual currency fell to almost US$30,000 less than half the record value it reached last month before climbing back over US$33,000. It was still above its level at the start of the year.
Cryptocurrency News: Bitcoin plunged below $39,000 for the first time in more than three months on Wednesday after China said cryptocurrencies would not be allowed in tran