China abandons cryptocurrencies under the PBoC (this time it’s for real)

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The mining and trading of crypto assets in China has experienced a crackdown since mid-May. Financial institutions and payment companies were banned from providing services related to cryptocurrency transactions; and investors were warned against speculative crypto trading. These further escalated into a clampdown on bitcoin mining and trading activities by China’s supreme financial regulatory body, the State Council’s Financial Stability and Development Committee, leading to the arrest of over

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