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China shuts down its cryptocurrency exchange

After an expanded crackdown on Bitcoin mining in the Republic of China, causing a severe downfall in Bitcoin yesterday, The country’s first cryptocurrency exchange, BTCChina, is leaving the crypto trading business.

The exchange was founded in Shanghai in 2011 and was one of the country’s leading digital asset trading platforms. It is said that an encryption foundation in Dubai bought the exchange’s share of Singaporean cryptocurrency exchange ZG.com. Detailed reports about the news aren’t available as of now.

BTCChina disclosure isn’t surprising considering China’s aggressive stand on cracking down any stuff related to cryptocurrencies happening in the country. It was widely expected that China’s planning to ban Bitcoin mining and ban major financial institutions in the country from dealing with cryptocurrencies. Moreover, the country’s pushing its own take of cryptocurrency in the form of a Central Bank Issued Digital Currency (CBDC). Named Digital Yuan, the Chinese administration has held talks with various industries to incorporate ‘Digital Yuan’ in their traditional systems.

Along with that, The Chinese government is reportedly releasing this digital currency through lotteries. Most recently, Major banks have incorporated their ATMs through which people can deposit and withdraw digital currency.

The severe crackdown by China has led to Bitcoin falling below $30,000, which is a major low after quite a while as the premier crypto went as high as $65,000 in its peak in mid-April.

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