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China declares all crypto transactions 'illegal' as digital yuan nears

Bitcoin falls by as much as 9% after Beijing's latest crackdown

China's central bank said it would crack down on cryptocurrency trading, banning overseas exchanges from providing services to mainland investors.   © Reuters

BEIJING/TOKYO -- China's central bank on Friday announced a ban on all cryptocurrency payments and services, escalating its ongoing clampdown on bitcoin and other digital coins as it moves to roll out its own virtual currency.

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