5/21, 4:29 PM (Source: TeleTrader)
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China to 'crack down on' Bitcoin mining, trading

China's Financial Stability and Development Committee stated on Friday that one of the key tasks of the country's financial sector "in the next phase" will be "cracking down on Bitcoin mining and trading."

The announcement was made during the 51st meeting of the panel, which was presided over by China's Vice Premier Liu He. The measure was revealed as part of the policy to "resolutely prevent and control financial risks." In addition, the committee also sought that the country's financial system serves the real economy further and that it should "continue to deepen reform and opening up."

Following the announcement, Bitcoin fell 7.55% to land at $37,490 at 10:43 am ET, hitting a daily low of $36,669.

Breaking the News / MS