China clamps down on cryptocurrency transactions

The top regulators in China vowed Friday to intensify their crackdown on cryptocurrency, implementing a ban on all crypto transactions and mining, Reuters reports. Ten Chinese authorities, including the central bank, banking, securities and foreign exchange regulators, said they will work together to stamp out "illegal" cryptocurrency practices. George Zarya, CEO of crypto exchange Bequant, said, unlike previous regulatory warnings, "This time the point was made very clear that China will not support cryptocurrency market development as it goes against its policies of tightening up control over capital flow and big tech."