Chinese regulators have tightened constraints that ban economic establishments and payment companies from supplying providers associated to cryptocurrencies, marking a new crackdown on electronic funds.

In comparison with a former ban issued in 2017, the new rules tremendously expanded the scope of prohibited providers, and judged that “digital currencies are not supported by any serious price”.

WHAT ARE THE NEW Actions?

3 monetary sector associations on Tuesday directed their customers, which include financial institutions and on the net payment companies, not to present any crypto-associated companies, these kinds of as account openings, registration, trading, clearing, settlement and insurance plan, reiterating the 2017 ban.

But the new ban, which was posted by the People’s Financial institution of China (PBOC), also addresses solutions that ended up not previously outlined.

For example, it created very clear that institutions have to not acknowledge digital currencies, or use them as a indicates of payment and