Cryptocurrency Price Fall: China bans financial, payment institutions from involving in Crypto transactions
China bans and warned its financial institutions & payment party in involving in any cryptocurrency transactions or settlement. It has nothing to do with the banning of cryptocurrency in China. People and some investors misinterpreted it as complete banning following which we saw mass panic selling leading to a price plunge of more than 40% in Bitcoin, Ethereum & other altcoins.
Points to be noted here is:
1.) Under the ban, such institutions must not offer clients any service involving cryptocurrencies, such as registration, trading, clearing, and settlement, three industry bodies said in a joint statement on Tuesday
2.) Institutions will not provide any service nor any financial product in any form of cryptocurrency
3.) One can still trade the currency on any platform like Binance.