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China says all cryptocurrency-related transactions are illegal, must be banned

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China’s central bank said that all cryptocurrency-related transactions are illegal in the country and they must be banned, citing concerns around national security and “safety of people’s assets.”

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In a joint statement, ten Chinese govt agencies vowed to work closely to maintain a “high pressure” crackdown on trading of cryptocurrencies in the nation. The People’s Bank of China separately ordered internet, financial and payment companies from facilitating cryptocurrency trading on their platforms. Offenders, the central bank warned, will be “investigated for criminal liability in accordance with the law.”

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