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Why is China’s crypto ban its most severe one? and other FAQs on the latest measures

China has issued several diktats in the past to counter the rise of cryptocurrencies. But this time, it is different.

China has had a vice-like grip on cryptocurrencies since 2013 when it first barred its banks from handling transactions related to Bitcoin. Now, a fresh crackdown has been initiated by China on activities related to cryptocurrencies which include an explicit ban on crypto trading, according to a press release by the People’s Bank of China. The country has also intensified its clampdown on crypto mining after banning mining projects in June this year, according to a CoinDesk report.  Many crypto analysts believe that the latest move is the most comprehensive of all the rules in the history of crypto regulation in China. The crypto ecosystem is under pressure across the world as governments become wary of privately operated, volatile digital currencies.  Here, we answer frequently asked questions about China's crypto ban, the measures announced, and their impact. What did the Chinese government say…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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