China Tells Banks to Stop Supporting Cryptocurrency China has | Read Less - Know All
China Tells Banks to Stop Supporting Cryptocurrency
China has expanded its clampdown on cryptocurrencies, telling banks and payments platforms to stop supporting digital currency transactions. That follows an order on Friday to shut down Bitcoin mining operations in Sichuan province. The price of Bitcoin slumped by more 10% on Monday but stabilized in Asian trading on Tuesday. Banks were told to not provide products or services such as trading, clearing and settlement for cryptocurrency transactions.
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