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Panama, Ukraine To Emulate El Salvador Bitcoin Adoption With New Crypto Laws
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China Pushes Major Banks To Take Action Against Cryptocurrency
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China has banned banks and payment firms from offering cryptocurrency-related services even though the country continues to be a global hub for bitcoin mining.
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According to Reuters, three Chinese industry bodies issued a joint statement explaining that banks and online payment platforms cannot offer clients any service involving cryptocurrency, including registration, trading, clearing and settlement.
“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” the industry bodies said.
The industry bodies are the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China.