China flags draconian ban on crypto transactions

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China flags draconian ban on crypto transactions

People's Bank of China (PBOC) has banned all crypto transactions and crypto mining, hitting cryptocurrencies and related stocks today (24 September).

According to Reuters, ten agencies, including the central bank as well as banking, securities and foreign exchange regulators, said they would stamp out "illegal" cryptocurrency activity, the first time the Beijing-based agencies have joined forces to explicitly ban all cryptocurrency-related activity.

PBOC said in a statement that China's government would "resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people's properties and maintain economic, financial and social order".