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Cryptocurrency dealers and online lenders feel heat in China

Bitcoin plunges on reported moves to close digital currency exchanges

Exchanges dealing in bitcoin and other virtual currencies are facing a clampdown ahead of a Chinese Communist Party congress in October, according to a report by business news provider Caixin.   © Reuters

SHANGHAI -- China is scrambling to minimize risks to its financial system ahead of a key Communist Party congress in October, at which new leaders will be selected.

On Friday, Caixin, a Chinese business news outlet, reported that financial authorities have decided to shut down virtual currency exchanges. 

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