China bans financial and payment companies from doing cryptocurrency businesses
The country also warned investors against speculative crypto trading
Any service involving cryptos such as registration, trading, clearing and settlement are to be avoided
This is because recently crypto prices have surged and plummeted infringing people’s property
However, individuals are not banned from holding cryptos
The decision was made after a meeting between three key industrial bodies of China
They are the National Internet Finance Association of China, CBA and Payment and Clearing Association of China
