China stepped up its crackdown on cryptocurrency on Friday with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.
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The People's Bank of China said that in recent years virtual currency trading had become "widespread, disrupting economic and financial order, giving rise to money laundering, illegal fundraising, fraud, pyramid schemes, and other illegal and criminal activities."
It added that offenders would be "investigated for criminal liability in accordance with the law."
This article was first published by i24NEWS.
