Article: China reiterates warning against cryptocurrency use in transactions

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China reiterates warning against cryptocurrency use in transactions

Eileen Yu, 19 May 2021

Three state-backed financial groups in China have issued a joint statement warning against the use of cryptocurrencies as payment, citing their volatility as a high risk. They further remind industry players that digital currencies cannot be used in any financial activities in the country.

National Internet Finance Association of China, China Banking Association, and Payment and Clearing Association of China said Tuesday that its members should not be involved in transactions dealing with cryptocurrencies. These included activities encompassing intermediary services that facilitate trading as well as the exchange of fiat money. Continue reading “Article: China reiterates warning against cryptocurrency use in transactions”