China: Regulation of cryptocurrencies widely restricting financial institutions' involvement
Description
Regulation of cryptocurrencies widely restricting financial institutions' involvement
The People's Bank of China published an announcement by the China Internet Finance Association, China Banking Association, and China Payment and Clearing Association stating that financial institutions shall not accept virtual currencies as payment means and shall not provide exchange, saving and trust services and shall not issue crypto-related financial products.
Original sourceScope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central bank