Three associations under the central bank of China, the China Internet Finance Association, the China Banking Association, and the China Payment and Clearing Association, have all but admitted that their seven years of banning bitcoin requires yet another ban.
They have ordered financial institutions to not engage in crypto transactions and to take action if they suspect a transaction is crypto related, with a rough translation stating:
“Financial institutions, payment institutions and other member units must effectively strengthen their social responsibilities. They must not use virtual currency to price products and services, and must not underwrite insurance businesses related to virtual currencies or include virtual currencies in the scope of insurance liability.
They must not directly or indirectly provide customers with other services related to virtual currency, including but not limited to: providing customers with virtual currency registration, trading, clearing, settlement and other services; accepting virtual currency or using virtual currency as a payment and settlement tool; developing virtual currency exchange services with RMB and foreign currencies; Develop virtual currency storage, custody, mortgage and other businesses; issue financial products related to virtual currency; use virtual currency as investment targets for trusts, funds, etc.
Financial institutions, payment institutions and other member units should effectively strengthen the monitoring of virtual currency transaction funds, rely on industry self-discipline mechanisms, strengthen risk information sharing, and improve the level of industry risk joint prevention and control. If clues of violations of laws and regulations are found, they must promptly adopt restrictions, suspensions or procedures in accordance with procedures.
Terminate relevant transactions, services, and other measures, and report to relevant departments; at the same time, actively use multi-channel and diversified access methods to strengthen customer publicity and warning education, and take the initiative to make warnings about risks related to virtual currencies.
Internet platform corporate member units shall not provide services such as online business premises, commercial display, marketing and publicity, and paid diversion for virtual currency-related business activities. If clues of related problems are found, they shall promptly report to relevant departments and provide technical support for related investigations and investigations and assistance.”
You can basically picture Hitler Stalin stumping his fist in impotent rage at these young new kids that see the TV figurine not as an all powerful dictator, but an impotent naked empero. Winnie the Pooh, President Xi Jinping got obsessed with banning bitcoin almost as soon as he came to power, starting in 2014 with prohibiting Alibaba from accepting it in payments.
Then in 2017 they closed some China based international exchanges, while all the time subsidizing bitcoin exporting miners in an overt example of unfair trade. That in part ignited the trade war between the United States and China, which some hoped was due for a detente, starting with opening crypto exchanges.
Yet the nationalist authoritarian Xi for life regime clearly appears to have no interest in free and fair trade, and so continues its clown show of banning again what they ‘banned’ seven years ago. And they have to keep banning it because they can’t ban it. So providing some nice comedy because with every ban they prove bitcoin can’t be banned.