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    Today, China’s central bank declared any transaction involving cryptocurrencies is illegal and increased its crackdown on illegal mining of them in the country. All Chinese banks were forbidden from using cryptocurrencies since 2013. However, it still existed in the country and at one point China was the world’s largest producer of bitcoin.

    The crackdown of crypto is part of an attempt for Beijing to lower the risk in the country’s economy. The People’s Bank of China said on its website that “Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” The notice sent on Friday, accuses most cryptos are used in money-laundering and other crimes.

    China debates that this form of currency can not be used as a fiat currency and abolishing them is necessary to reduce risk. Bitcoin is the world’s largest cryptocurrency and its value lost more than 7 per cent as it dropped to 41,000 each. Smaller coins also saw a drop in price.

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