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<p>The quotes of the main <strong>cryptocurrency -Bitcoin</strong>-fell by 6% in 2.5 hours. This happened after <strong>Chinese financial institutions</strong> were banned from providing services related to <strong>digital assets</strong>.</p>



<p>In 2.5 hours, the cost of <strong>bitcoin </strong>fell by 6%, to $ 42.9 thousand, according to <strong>CoinGecko</strong>. This happened after <strong>Chinese financial institutions</strong> were <strong>banned </strong>from providing services related to <strong>cryptocurrencies</strong>. According to information <a href="https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/" target="_blank" rel="noreferrer noopener">Reuters </a>. </p>



<p>a related statement was issued by three financial regulators overseeing online financial transactions, the payments market and clearing.</p>



<p>Now financial institutions in <strong>China </strong>are unable to provide services for the storage and management of <strong>cryptocurrency</strong>, as well as release products related to <strong>digital assets</strong>. T</p>



<p>he three regulators said in a joint statement that virtual currencies are &#8220;not supported by real value,&#8221; their prices are easy to manipulate, and trade contracts are not protected by Chinese law.</p>



<p>In September 2017, the Central <strong>Bank of China</strong> banned initial offerings of <strong>tokens </strong>(<strong>ICOs</strong>) and threatened to revoke licenses to platforms that do so. Now China equates <strong>cryptocurrencies </strong>with digital goods, which prohibits their use as a payment instrument.</p>

