• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

Full disclosure: China’s statement on Cryptos that has sent Bitcoins crashing

Ajibola Akamo by Ajibola Akamo
May 19, 2021
in Cryptos, Markets
CHina ban
Share on FacebookShare on TwitterShare on Linkedin

A joint statement released by 3 Chinese financial industry bodies, on banning financial institutions from dealing in cryptocurrencies, has caused significant declines in the cryptocurrency market. Nairametrics got a copy of the statement for our readers.

The statement goes thus:

Recently, the price of virtual currency has skyrocketed and plummeted, and the speculation activities of virtual currency trading have rebounded, seriously infringing on the safety of people’s property and disturbing the normal order of economy and finance. In order to further implement the requirements of the Notice on Preventing Bitcoin Risks issued by Chinese Min Bank and other departments, and to guard against the risk of speculation in virtual currency transactions, the China Internet Finance Association, the China Banking Association and the China Payment Clearing Association jointly announced the following on the relevant matters:

RelatedStories

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025
Bitcoin

Bitcoin surges to record $112K amid institutional demand 

July 10, 2025

READ: Why Banks don’t trust Cryptos

1. Correctly understand the essential attributes of virtual currency and related business activities

Virtual currency is a specific virtual commodity, not issued by the monetary authorities, does not have legal compensation and compulsory monetary attributes, is not the real currency, should not and cannot be used as currency in the market circulation.

To carry out the exchange business between legal and virtual currency, to buy and sell virtual currency as a central counterparty, to provide information intermediary and pricing services for virtual currency transactions, token issuance financing, and virtual currency derivatives trading and other related transactions, in violation of relevant laws and regulations, and suspected of illegal fund-raising, illegal issuance of securities, illegal sale of token coupons and other criminal activities.

READ: CBN, SEC working on a regulatory guideline for cryptocurrency trading

2. The relevant institutions shall not carry out business related to virtual currency

Financial institutions, payment institutions, and other member units should effectively enhance social responsibility, may not use virtual currency for products and services pricing, may not underwrite insurance business related to virtual currency or include virtual currency into the scope of insurance liability, may not directly or indirectly provide customers with other services related to virtual currency, including but not limited to: to provide customers with virtual currency registration, transaction, clearing, settlement and other services; To carry out the storage, custody, mortgage and other business of virtual currency, issue financial products related to virtual currency, and use virtual currency as the investment target of trust, fund, and other investments.

READ: Warning shots from regulators are precipitating the recent crash in cryptocurrencies

Member units such as financial institutions and payment institutions should effectively strengthen the monitoring of virtual currency transaction funds, rely on the industry self-regulatory mechanism, strengthen risk information sharing, improve the level of joint prevention and control of industry risks;
Internet platform enterprise member units shall not provide network business premises, commercial display, marketing publicity, paid diversion and other services for virtual currency-related business activities, and shall promptly report the relevant problems and provide technical support and assistance to the relevant investigation and investigation work.

READ: Nigeria’s cryptocurrency ban: A legal analysis

3. Consumers should improve their awareness of risk prevention, beware of property losses

Virtual currency has no real value support, price is very easy to be manipulated, related speculative trading activities have false asset risk, business failure risk, investment speculation risk, and other multiple risks. From the existing judicial practice in China, virtual currency trading contract is not protected by law, the consequences of investment transactions and the resulting losses by the relevant parties bear.

READ: Nigeria among worst countries to start a career, and they all don’t accept crypto

The vast number of consumers should enhance risk awareness, establish a correct investment philosophy, do not participate in virtual currency trading speculation activities, beware of personal property and rights and interests damage. We should cherish personal bank accounts and not use them for activities such as recharging and withdrawing virtual currency accounts, purchasing and selling related transaction top-up codes, and transferring related transaction funds to prevent illegal use and disclosure of personal information.

READ: ABCON asks CBN to check the impact of cryptocurrencies on diaspora remittances

4. Strengthen the self-discipline management of member units

Each member unit shall strictly implement the relevant regulatory requirements of the State, abide by the commitment of self-discipline of the industry, and resolutely do not carry out or participate in any business activities related to virtual currency. The three associations will strengthen self-regulatory supervision of member units, and if they find violations of relevant regulatory regulations and industry self-regulation requirements, they will take disciplinary measures such as industry notification, suspension of membership rights and cancellation of membership in accordance with the relevant self-regulatory norms, and report to the financial administrative departments that those suspected of committing illegal crimes shall transfer the relevant clues to the public security organs.

Since the statement, Bitcoin has plummeted 10.45% in the last 24 hours, as at the time of writing the report. The total cryptocurrency market capitalization is now currently below $2 trillion dollars, currently 1.87 trillion, as at the time of writing this report.


Follow us for Breaking News and Market Intelligence.
Tags: chinaChina Banking Association and the PaymentClearing Association of ChinaCryptocurrencyNational Internet Finance Association of China
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro
Digital Media

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025
Bitcoin
Cryptos

Bitcoin surges to record $112K amid institutional demand 

July 10, 2025
Memecoins led the industry in Q2 2024 and total crypto market cap fell by 14% — Report
Cryptos

FATF raises alarm over rising illicit crypto use globally, urges stronger regulation  

June 26, 2025
SEC warns Nigerians against unregistered trading platform CMTrading 
Cryptos

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025
Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics
Digital Media

Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics

June 14, 2025
China’s wobbly economy: Implications for Nigeria’s next president
Economy

China grants duty-free access to all African countries amid shifting global trade dynamics 

June 12, 2025
Next Post
The difference between Bitcoin and Altcoins

The difference between Bitcoin and Altcoins

Comments 2

  1. Bright says:
    May 19, 2021 at 1:28 pm

    Honestly I don’t understand all this ……when you make money you take your profit .

    All markets crash and rise
    The market is moved by people ….If they are selling it falls if they are buying it rises.

    What’s up with all this news .

    Bitcoin have never had a straight run check the history or chart.
    If you’re a trader on FX you will understand it’s always up and down trading currencies.

    You can only trade if you understand it , if not you will lose you money then complain about the authenticity .

    If you can’t trade honestly buy and hold or hodl , when it goes down you wait no matter how long .
    These days is even quick to return always buy low and sell high .

    P.S. Just some percent of your capital so you won’t hope on that too much .

    Reply
  2. Olusegun A Bamidele says:
    May 20, 2021 at 12:55 pm

    We dont even know what do neither where we are heading to..

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Why companies scramble to offer Commercial Papers in H1 2025 – Optimus MD, Ayodeji Ebo 
  • Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 
  • Nigeria Customs refutes payment claims for Form M migration to B’Odogwu platform 

Follow us on social media:

Recent News

Ayodeji Ebo

Why companies scramble to offer Commercial Papers in H1 2025 – Optimus MD, Ayodeji Ebo 

July 12, 2025
Naira , dollar, exchange rate

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics