China Financial Association: Cryptocurrency exchanges are located …

China Financial Association: Cryptocurrency exchanges are outside the country’s legal framework

Self-regulatory association dedicated to questions digital finance in China, released new warning regarding trade cryptocurrencies. About this writes CoinDesk.

The China National Internet Financial Activity Association (NIFA) today released a statement in which it announced that cryptocurrencies such as bitcoin, are a speculative instrument. At that the same time they are used for illegal attracting funding and laundering of money.

China Financial Association: Cryptocurrency exchanges are located ...

Special attention deserves organization comment, according to which platforms for trade cryptocurrencies are outside the legal field of China: “Any trading platform for any kind of called “Coins” have no legal basis in China “.

Despite the fact that NIFA is an self-regulatory organization, they were founded by the People’s Bank of China in 2015 year and received the approval of the State advice. Information about the creation of an association first appeared in the series documents, issued by the central bank and financial regulators of the country, in which it was about the regulation of financial activities on the Internet.

Recall that earlier Chinese regulators banned ICOs in the country, after what were the rumors about Tom, what they are intend to close cryptocurrency exchanges. Until this information was official confirmed, like not was refuted. Large exchanges Huobi, BTCC and OKCoin continue to operate when this BitKan reported to suspend OTC trading, citing pressure from regulators.