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Bitcoin plunges amid China clampdown fears, fallout from Tesla's U-turn

Bitcoin plunges amid China clampdown fears, fallout from Tesla's U-turn
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Cryptocurrencies including Bitcoin plunge amid China clampdown fears, fallout from Tesla's U-turn

Cryptocurrencies including Bitcoin plunge amid China clampdown fears, fallout from Tesla's U-turn
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China bans its banks and payment companies from providing cryptocurrency-related services

May
18, 2021
2 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
On Tuesday, China prohibited its financial institutions and payment companies from providing cryptocurrency-related services. That is, banks and online payment channels will not be able to provide services that involve registration, negotiation, clearing and settlement of digital currencies.
Apparently, this decision is due to the fact that speculative trade and the ups and downs in the prices of digital currencies infringe on the security and property of the people and thus disrupt the normal financial economic order.
Though the Asian country banned cryptocurrency exchanges, it didn t ban owning them. In 2019, the authorities explained the risks of this type of trade, saying that virtual currencies are are not supported by real value and commercial contracts are not protected by Chines ....

Clearing Association , China National Internet Finance Association , China Banking Association , China Payments , Shanghai Securities News , அழித்தல் சங்கம் , சீனா தேசிய இணையதளம் நிதி சங்கம் , சீனா வங்கி சங்கம் , ஷாங்காய் பத்திரங்கள் செய்தி ,