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China has banned financial institutions from cryptocurrency transactions since 2017. The move has prevented cryptocurrency exchanges from operating in the country. Why it’s important: The statement from the People’s Bank of China comes after officials introduced restrictions on Bitcoin (CRYPTO: BTC) mining earlier this year, causing Bitcoin’s hashrate to drop by 76%. Many Chinese miners have relocated to other countries.
What’s next: As China continues to escalate restrictions on cryptocurrencies, the country’s central bank has been working on developing its own digital currency. A recent report indicates digital yuan has been used in 70.75 million transactions, reaching a total value of 34.5 billion yuan ($5 billion) by the end of June. Decrypt reports that the statement comes a day after bank officials set priorities for the second half of the year.
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