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China Crypto Roundup (Feb. 28-Mar. 6) :China to Maintain Its Crackdown on Crypto

1. The Chengdu (used to be bitcoin mining center) Development and Reform Commission sent a message to local people via telecom operators: Virtual currency mining is an eliminated industry, and related business activities are illegal financial activities. The relevant civil legal actions arising from the investment in virtual currency and related derivatives shall be invalid, and the losses arising therefrom shall be borne by oneself.

2. The Financial Stability Bureau of the People’s Bank of China mentioned in a recent article that the global proportion of bitcoin transactions in China has rapidly dropped from more than 90% to 10%.

3. On March 1, the People’s Bank of China held the 2022 Financial Market Work Conference, requesting to continue to maintain a high-pressure crackdown on virtual currency trading speculation.

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