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PBOC launches fresh crackdown on cryptocurrency trading, Bitcoin tumbles

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The People's Bank of China (PBOC) launched on Friday a fresh crackdown on cryptocurrency trading in the financial hub of Shanghai, after Chinese President Xi Jinping's promotion of blockchain technology reignited speculation in virtual currencies.

The move came a day after financial regulators in the technology hub Shenzhen launched a similar campaign. The finance bureau of Shenzhen municipality has identified 39 undisclosed cryptocurrency exchanges for the initiative. 

PBOC’s Shanghai branch said in . . .

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