China Bans All Crypto Transactions In Broad Clampdown

By Elise Hansen (September 24, 2021, 8:21 PM EDT) -- China declared all cryptocurrency transactions in the country illegal Friday, marking its harshest crackdown yet on the burgeoning industry.

Ten government entities on Friday called for an end to transactions using "virtual currency," defined as assets that exist in digital form and are issued by nonmonetary authorities. Virtual currencies use encryption technology and various forms of distributed technology such as blockchain, the statement said, specifically citing the two largest cryptocurrencies, bitcoin and ether.

The agencies said the rise of virtual currencies was "disrupting economic and financial order" by supporting illegal activities such as gambling, money laundering and illegal fundraising, according to...

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