6/21/2021, 11:48 AM (Source: TeleTrader)
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China urges banks to refrain from crypto transactions

China's crackdown on cryptocurrencies continued to escalate on Monday with the country's central bank urging other banks and Alipay, the largest mobile payment platform in China with 1.3 billion users, to refrain from crypto transactions.

The People's Bank of China also summoned several lenders and payment providers in relation to cryptocurrency trading.

Earlier, Bitcoin fell below $33,000 while Ether plunged below $2,000 after Beijing shut down more Bitcoin mining operations in the country. China accounts for more than half of global Bitcoin production, however, the new bans could lead to an over 90% drop in the country's mining capacity.

Baha Breaking News (BBN) / JC