China declares transactions involving cryptocurrencies illegal
by Kalyeena Makortoff and agencies from Technology | The Guardian on (#5PYDF)
Country steps up its campaign to block use of unofficial digital money
China's central bank has intensified its clampdown on cryptocurrencies by making all transactions in the virtual assets illegal, triggering a drop in the price of bitcoin on Friday.
The move signals the latest attempt to rein in cryptocurrency use in China, where regulators fear it might weaken the Communist party's control over the financial system and promote criminal activity.
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