What is the ban on cryptocurrency?

Under the ban, such institutions must not offer any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement.

Can banks and online payments channels offer cryptocurrency services?

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.

What is the people's Bank of China's cryptocurrency ban?

In June 2019, 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.

How will cryptocurrency change the banking industry?

Where cryptocurrency radically changes this trend is that it dramatically limits the role of standard financial institutions of clearing and settling payments. As cryptocurrency gains traction, in theory, it is possible that the traditional bank intermediary will no longer be needed.