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China Regulatory Bodies Speak on Crypto Ban, Say Crypto Has 'No Real Value Support'


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The regulatory bodies came together to reiterate the crypto ban amid the high volatility of crypto resulting in losses among citizens.
Three regulatory bodies in China have released a report to bolster the crypto ban on financial institutions. The associations, including the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, released a report on the crypto ban on the 18th of May. The report reinforces the China crypto ban that was formerly introduced in 2013 and then 2017. 
In 2013, the People’s Bank of China (PBoC), the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission came together to issue a “Notice on preventing Bitcoin risks.” ....

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