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China Daily / 2021-06 / 24 / Page008

Timely regulation of digital currency market

China Daily | Updated: 2021-06-24 00:00

On Monday, the People's Bank of China, the nation's central bank, said it had urged a number of banks and financial institutions to stop services related to cryptocurrency trade and speculative investment.

The banks involved, such as the Industrial and Commercial Bank of China, the Agricultural Bank of China, and Alipay, responded saying they strictly prohibit any agency or individual from trading in virtual currency through their agencies and will suspend the accounts of people who are found doing so.

Partly as a result, the price of Bitcoin dropped to $31,333 on Monday, the lowest in two weeks. The price of other cryptocurrencies also dropped.

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