China bans crypto mining nationwide, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.
Ten Chinese government agencies, including the central bank as well as banking, securities and foreign exchange regulators, said in a joint statement they would work closely to maintain a"high-pressure" clampdown on trading of cryptocurrencies.
The moves come after 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, sparking a major sell-off of cryptocurrencies.The Chinese government will"resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people's properties and maintain economic, financial and social order," the PBOC said in a statement on its website.
"There's a degree of panic in the air," said Joseph Edwards, head of research at cryptocurrency broker Enigma Securities in London."Crypto continues to exist in a grey area of legality across the board in China."U.S.-listed miners Riot Blockchain, Marathon Digital and Bit Digital slipping between 6.3 percent and 7.5 percent in premarket trading. China-focused SOS dropped 6.1 percent while San Francisco crypto exchange Coinbase Global fell 3.4 percent.
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