China bans all cryptocurrency transactions to curb financial risks

Politics Economy

China's central bank said Friday that it will ban all virtual currency transactions including those of Bitcoin, calling them "illegal," with the aim of preventing the occurrence of financial risks. While the Communist-led government has so far prohibited the country's banks from cryptocurrency-related transactions, it has apparently decided to step up restrictions in the wake of recent financial market turmoil. Since earlier this month, the financial market has been rattled worldwide by fears that a possible default of China Evergrande Group, a major property developer in the nation, could tri...

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