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9/24, 11:19 AM (Source: TeleTrader)
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China's state planer, PBoC vow to up crypto scrutiny

China's National Development and Reform Commission (NDRC) announced in a notice on Friday it will strictly disallow financial support for projects based on cryptocurrency mining.

Shortly after, the People's Bank of China (PBoC) pledged to strengthen the monitoring of risks tied to crypto trading, underlining that "cryptocurrency-related activities" are illegal.

The PBoC also vowed to punish those in breach of the country's regulations regarding cryptos, underscoring that foreign exchanges are not allowed to provide similar services to mainland China investors.

Breaking the News / BU