China curbing cryptocurrency

Last month, China banned financial institutions and payment companies from providing crypto-related transactions.

Banned activities include registration, trading, clearing and settlement. Crypto exchanges and initial coin offerings are also on the list. For now, individuals can still hold onto their cryptocurrency.

Up until this week, an estimated 65% of global bitcoin (BTC) mining was done in China. Prior to 2017, China’s crypto market accounted for 90% of global bitcoin trades. China shut down local crypto exchanges in 2017, and in 2019 the People’s…