TechFlow News, May 18 — According to a joint announcement by the National Internet Finance Association of China, the China Banking Association, and the China Payment & Clearing Association: financial institutions, payment institutions, and other member units must strengthen their social responsibility and shall not price products or services using virtual currencies; shall not underwrite insurance business related to virtual currencies or include virtual currencies within insurance liability coverage; and shall not directly or indirectly provide customers with other services related to virtual currencies, including but not limited to: providing registration, trading, clearing, and settlement services for virtual currencies; accepting virtual currencies or using virtual currencies as payment or settlement tools; conducting exchange services between virtual currencies and RMB or foreign currencies; offering storage, custody, or collateral services for virtual currencies; issuing financial products linked to virtual currencies; or using virtual currencies as investment targets for trusts, funds, and other investment products.
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