The National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China reiterated their stance on banning crypto services. “Virtual currency’s prices have soared and plummeted recently, resulting [in] a rebound of speculative trading activities of virtual currency,” the report said. “It has seriously damaged the safety of the people’s investment and damaged the normal economic and financial orders.” The goal of the notice, according to the statement, is to reiterate the previously announced bans on cryptocurrencies. In 2013, China’s central bank barred financial institutions from handling bitcoin transactions, according to a notice from China Securities Regulatory Commission. And then again in 2017, the central bank in China declared initial coin offerings as illegal, which caused bitcoin’s price to fall.

https://www.coindesk.com/china-reiterates-crypto-bans-from-2013-and-2017