China turns the screws in crypto crackdown

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Reuters

SHANGHAI (Reuters) -China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out “illegal” activity in trading of bitcoin and other virtual currencies and issuing a nationwide ban on cryptocurrency mining. China’s State Council, or cabinet, vowed in May to crack down on bitcoin mining and trading as part of efforts to fend off financial risk. Ten Chinese government agencies, including the central bank as well as banking, securities and foreign exchange regulators, said in a joint statement that they would work closely to maintain a “high-pressure” crackdown on speculat…

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