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China declared all cryptocurrency transactions illegal and causes Bitcoin crash

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Last May, the Chinese government banned the country's financial institutions from trading digital currencies . This Friday, the Central Bank of China tightened the measures and declared all cryptocurrency transactions illegal also for payment companies and Internet companies. In addition, it prohibited foreign exchanges from providing services to Chinese investors to facilitate cryptocurrency trading through the web.

"All cryptocurrencies, including Bitcoin and Ether, are not fiat currency and cannot circulate in the market," the People's Bank of China stressed on its website, as they "seriously endanger people's wealth ."

In the statement, the entity detailed that........

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