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China reportedly to ban digital currency exchange trading

China is getting ready to prohibit the trading of bitcoin and other digital currencies on exchanges, people familiar with the matter said. Over-the-counter trading of digital currencies will be allowed to continue, they said.

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Bitcoin slumped on Friday after Caixin magazine reported China’s plans, capping the virtual currency’s biggest weekly retreat in nearly two months. The country accounts for about 23 percent of bitcoin trades and is also home to many of the world’s biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.

“Trading volume would definitely shrink,” said Zhou Shuoji, Beijing-based founding partner at FBG Capital, which invests in cryptocurrencies.