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The Big Story

Inside Asia's bitcoin economy

Crypto startups scramble amid regulatory pressure

KEN KOYANAGI, Editor-at-large, Nikkei Asian Review | China

SHANGHAI -- On Jan. 6, a leaked photograph of an official notice from China's internet finance regulator began to circulate on Twitter. The statement, released by the authorities two days earlier, told local governments to stop subsidizing companies that create new bitcoin, the digital currency, and ensure they make "orderly exits" from the market.

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