Bitcoin Exchanges Lack Legal Foundation, China Internet Finance Association Says - CoinDesk

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In a statement released today, China's National Internet Finance Association (NIFA) asserted that cryptocurrencies like bitcoin have become a tool for speculation among investors, while also serving as a payment conduit for illegal fundraising and money laundering. Although a self-regulatory organization and not a regulatory agency itself, NIFA was first initiated in 2015 by the People's Bank of China and approved by the State Council.

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