China banned all crypto transactions and vowed to root out mining of digital assets, delivering the toughest blow yet to the industry.Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated.Bitcoin slumped in the wake of the announcement, falling 8% to about $41,000 as of 9 a.m. in New York.
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