China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out “illegal” activity in trading of bitcoin and other virtual currencies and issuing a nationwide ban on cryptocurrency mining.
China’s State Council, or cabinet, vowed in May to crack down on bitcoin mining and trading as part of efforts to fend off financial risk.
The People’s Bank of China said cryptocurrencies must not circulate in markets as traditional currencies and that overseas exchanges are barred from providing services to mainland investors via the internet.
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