China ethereum ban

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BEIJING, May 18 Reuters - China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. Under the ban , such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.

China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies. The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said. The moves were not Beijing's first moves against digital currency. In June , the People's Bank of China issued a statement saying it would block access to all domestic and foreign cryptocurrency exchanges and Initial Coin Offering websites, aiming to clamp down on all cryptocurrency trading with a ban on foreign exchanges.

Until recently, China was home to the world's largest number of Bitcoin miners. However, the government has been cracking down on it over the last couple of years, and now particularly seems to be focusing on the environmental impact of cryptocurrency. The massive energy consumption required by mass-level crypto trading and its effects on greenhouse gas emissions has been concern-worthy for many nations including China, Russia, and Morocco among others.

In other parts of the world like Africa , India, Vietnam, and Pakistan among others — the crypto space is witnessing expansion and adoption. Earlier in September, central American country El Salvador became the first in the world to legalise Bitcoin as a legal payment option. Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks.

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