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The Chinese government’s virtual currency war is not just about financial risks. This is a campaign to protect people’s savings by eradicating money laundering, capital flight and fraud.
The movement against speculative cryptocurrency trading is gaining new momentum. At a recent meeting of a coordination mechanism to combat such activities, the People’s Bank of China (PBOC) formed a strong coalition. Thirteen top-level departments participated, including the Ministry of Public Security, the Central Financial Commission, the Supreme People’s Court, and the Supreme People’s Procuratorate.
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