Can banks and online payments channels offer cryptocurrency services?

Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing, and settlement, three industry bodies said in a joint statement on Tuesday.

What is the ban on cryptocurrency?

Under the ban, such institutions must not offer any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement.

What is a cryptocurrency gateway?

Cryptocurrency gateways enable you to accept digital payments and recieve fiat currency immediately in exchange. These companies remove any uncertainties or reservations you might have with cryptocurrency and allow you to offer more payment options. It's important to note that digital currency payment gateways are not required.

How will cryptocurrency change the banking industry?

Where cryptocurrency radically changes this trend is that it dramatically limits the role of standard financial institutions of clearing and settling payments. As cryptocurrency gains traction, in theory, it is possible that the traditional bank intermediary will no longer be needed.