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Why Has China Declared War on Bitcoin and Digital Currencies?


China's government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges.


Two of the largest cryptocurrency exchanges in China, OKCoin and Huobi, issued statements on Friday night saying they would shutdown all trading between bitcoin and the yuan by October 31. A day earlier, BTC China, a Shanghai-based cryptocurrency exchange, said it would stop trading as of September 30.


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