Chinese government effectively bans cryptocurrencies

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A new order from three leading financial organizations in China has directed all banks to prohibit customers from accessing cryptocurrency trading or storage, in essence stopping all cryptocurrency trades in the country.

The Register reports that in addition to banning access to cryptocurrencies, the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, have also asked financial institutions not to provide insurance to cryptocurrency businesses or investments.

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